☰

Empresas y finanzas

Nike net income falls on year-ago tax benefit


    SAN FRANCISCO (Reuters) - Nike Inc , the world's largest athletic footwear and apparel company, posted a 10 percent fall in quarterly net profit on Wednesday, due to a year-ago tax benefit, but earnings beat Wall Street estimates.

    First-quarter net profit was $510.5 million, or $1.03 per share, from $569.7 million, or $1.12 per share, a year earlier. Revenue rose 17 percent to $5.4 billion in the quarter.

    That was well ahead of the 92 cents per share expected, on average, by analysts, according to Reuters Estimates. Wall Street had been expecting revenues of $5.2 billion.

    A weaker dollar has helped Beaverton, Oregon-based Nike in its international markets, as well as robust growth in Asia, especially China, where Nike sales were energized by the recent Olympics. Despite slowing growth in recent quarters in Nike's U.S. business, its largest and most mature market, the company posted a 8 percent sales rise in the U.S. during the quarter.

    Shares of Nike, which are up 2.5 percent this year, are valued at nearly 16 times 2009 projected earnings, at a premium to rival Adidas AG at 10 times forward-looking earnings.

    (Reporting by Alexandria Sage)