Nike orders race ahead of expectations

Nike Inc (NKE.N) reported stronger than expected orders and quarterly profit as consumer demand remained resilient in its key markets, suggesting a solid holiday season and sendings its shares up 5 percent.

The largest global player in the athletic shoe and clothing market warned on Thursday of potential "turbulence" ahead but said demand had held up well, keeping inventories low and allowing it to avoid discounts during the first quarter.

Future orders excluding currency exchange rates -- a key measure of sales growth -- rose 13 percent, better than analysts expected and indicating a busy shopping season.

And the company tweaked its 2011 financial outlook, saying it now expects revenue -- again excluding the impact of currency exchange -- to grow at the high end of its previous forecast for high single-digit percentage growth.

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- Posted: 2010-09-23 20:44:36

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