Nike Profit Up on Cost Cuts

Nike’s fiscal first-quarter profit has increased slightly, mostly on the back of cost cutting efforts that were undertaken by the sportswear giant earlier this year. However, Nike’s profits have managed to exceed analyst expectations and the company expects cost cutting efforts to dominate the results for the near future.
 
After Nike made the results public, its shares rose 4.3 percent to $62.68 in after-hours trading on Tuesday, marking a dramatic comeback from its three-year-low of $38.24 in March. Nike reported earnings of $513 million, or $1.04 per share, this quarter, which is up from its earnings of $510.5 million, or $1.03 …read more