NIKE RUNS UP SALES, PROFITGAIN

Nike Inc., the world’s biggest athleticmaker, said first-quarter profit rose 32%, helped by sales of new lines of Shox sneakers and lower marketing costs. The shares surged after Nike’s global orders rose at the fastest pace in at least five years. Net income increased to US$432.3-million, or US$1.61 a share, from US$326.8-million (US$1.21) a year earlier. Revenue climbed 8.4% to US$3.86 billion, Beaverton, Ore.-based Nike said. Sales of US$100 Shox Cog running shoes helped lift revenue 8% in the United States and 13% in Asia. Worldwide orders rose 11%, exceeding analysts’ estimates. Marketing and other expenses fell to 28.6% of sales from a year earlier when Nike increased spending for the Summer Olympics. “Nike consistently comes out with products that people want to buy,” said Bob Sweet, an analyst at Hammond, Ind.- based Horizon Investment Services. “ What’s also crucial is the company’s ability to cut costs.” Nike exceeded the US$1.42 a share profit estimate of analysts.