23 Dec 2012

Nike shares up on US demand

5:59 am on 23 December 2012

Nike shares closed with a sharp gain on Friday after it reported a strong rise in demand in the North American market.

Shares rose 6.2% after the company's third quarter figures suggested steady demand for its products around the world.

Orders for delivery of shoes and clothing for the coming months were up 14% in the home market.

Worldwide orders for the December-April period were up 6%.

The BBC reports the company made profits of $384 million in the third quarter, 14% higher than analysts were expecting. Revenue was up 7%.

Inventory levels in China, where Nike has excess stock, rose 9% in the quarter, compared to 35% in the same quarter a year ago.