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Nike results beat forecasts, sending shares higher

Nike reported quarterly results that topped Wall Street’s forecasts on 17 March, boosting its shares in extended trading. Sales came in at USD4.73 billion, against a topline of USD4.44 billion last year.

Nike’s sales and profit have dipped during the economic downturn as shoppers bought less but it controlled the impact with cost cuts and tighter inventory. Now the company is looking to major global sporting events, like the World Cup soccer tournament, to drive sales growth.

(Source: CNBC)