Nike quarterly profit surges 40 percent
BEAVERTON, ORE. — Nike’s fiscal second-quarter net income jumped 40 percent, helped by higher average selling prices and an increase in revenue around the world.
Profit topped analysts’ expectations, though revenue came in slightly short. Shares rose 39 cents in aftermarket trading, having closed at $78.26 before the report. The stock is up 52 percent year to date and hit an all-time high of $80.26 last week.
The world’s largest athletic goods maker said Nike brand sales grew across every product type and region. Sales of Converse items were especially strong in North America, Britain and China markets. Profit margins were helped by Nike’s shift toward more profitable products and businesses, higher average prices and an easing in the cost of raw materials.
Existing-home sales drop for third month
WASHINGTON — The number of people who bought existing U.S. homes in November declined for the third consecutive month.
Higher mortgage rates have made home-buying more expensive, while the lingering effect of the October government shutdown might have deterred some sales.
Home re-sales fell 4.3 percent to an annual rate of 4.90 million, the National Association of Realtors said Thursday. That was the weakest pace since December 2012 and the first time since April that the pace has slipped below 5 million.
Still, the Realtors’ group predicts that total sales this year will be 5.1 million. That would be the strongest since 2007, when the housing bubble burst. But it’s still below the 5.5 million generally associated with healthy housing markets.