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 ben.glickman@wsj.com

 

(END) Dow Jones Newswires

September 28, 2023 19:42 ET (23:42 GMT)

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