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Updated Friday, March 19, 2010 10:59 am TWN, AP

Nike third quarter profit rises, helped by improved sales; shares improve

PORTLAND, Oregon -- Nike Inc. said stronger sales helped boost its third-quarter profit and its shares soared in after-hours trading Wednesday. Nike, the world's largest athletic shoe and clothing company, reported after the market closed that it earned US$496 million, or US$1.01 per share, for the quarter. That's more than double the US$244 million, or 50 cents per share, it reported for the same period a year earlier, which included a US$241 million charge related to the company's Umbro subsidiary.

Excluding those charges, Nike's profit grew a more modest 2 percent. Nike said its revenue grew 7 percent to US$4.7 billion, helped in part by foreign exchange rates. The results beat the expectations of analysts surveyed by Thomson Reuters, who on average predicted a profit of 89 cents per share on revenue of US$4.6 billion for the quarter. Analysts typically exclude one-time items.

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