Higher Sales Boost Nike Earnings 16%

Nike Inc., the world’s largest maker of athletic shoes and clothing, said fiscal fourth-quarter profit rose 16% on higher sales in Europe and Asia. Nike, based in Beaverton, Ore., announced plans to buy $1 billion worth of stock, following the completion of a similar-sized purchase in two years. Earnings got a boost from sales of its Tuned Air, Uptempo and retro-styled Air Jordan shoes, which generate more profit because they’re sold only at Venator Group Inc.’s chains, including Foot Locker, in the U.S. and Europe, analysts said. Net income rose to $126 million, or 46 cents a share, from profit from operations of $108.5 million, or 38 cents, a year earlier. Sales rose 4.1% to $2.27 billion. The results were released after the markets closed. Nike Class B shares rose 41 cents to close at $39.50 on the NYSE.