Nike Inc Beats Q1 Views, Cites Wider Margin

shares gained in the extended session when the company beat first-quarter profit expectations, citing a wider gross margin and lower taxes. The Beaverton, Oregon, apparel-maker said its margin widened by 170 basis points in the recent period because of a more profitable product mix and higher average prices, partly off-set by higher costs for materials. Revenue grew 15 percent with growth in all categories except action sports and golf. Net income increased 23 percent to $962 million, or $1.09 per share, from $779 million, or $0.86 per share a year earlier, when there were more shares outstanding. Revenue grew to $7.98 billion, from $6.97 billion a year earlier. Analysts expected earnings of $0.88 per share, on revenue of $7.83 billion. As of the end of the quarter, orders were 14 percent higher than orders reported for the same period last year excluding currency impacts. Nike traded recently at $85.60 per share, up 7.3 percent.