CHINA LIFTS NIKE TO NEW HIGHS

NIKE shares sprinted to an alltime high – up 8pc at one point yesterday – as the sportswear firm beat first-quarter targets.

Sales in China leapt by a third at a time when other firms have suffered from the economic turmoil that is sweeping the Asian powerhouse.

Nike’s global profit rose 23pc in the three months to August 31 boosted by a 52pc rise in operating profit in China.

The American retail giant described the results in China as ‘amazing’.

Finance director Andy Campion said: ‘While we are very mindful of the macroeconomic volatility in China, our brand has never been stronger and our marketplace has never been more healthy.’

The company said revamped stores, faster online sales and booming Chinese sporting events triggered shoppers to rush out and buy its trainers.