By Ben Glickman
Shares of Nike traded higher Thursday after the sportswear company’s profit topped estimates.
The stock was up 8%, to $96.84, in after-hours trading, after rising 0.2% at Thursday’s close. Shares are down 23% this year.
The Beaverton, Ore.-based company said that fiscal first-quarter profit fell 1% from a year earlier but came in ahead of analysts’ estimates, according to FactSet.
The company ended the quarter with less stock, as inventories fell 10% from the prior year to $8.7 billion.
Nike’s revenue rose 2%, to $12.94 billion, shy of the $13 billion expected by analysts polled by FactSet.
Write to Ben Glickman at [email protected]
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