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Nike quarterly revenue beats estimates; shares jump 5%

Nike quarterly revenue beats estimates; shares jump 5%
FILE PHOTO: The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, U.S., March 19, 2019. REUTERS/Carlo Allegri/File Photo -
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(Reuters) – Nike Inc <NKE.N> reported first-quarter revenue that beat Wall Street estimates on Tuesday, benefiting from its strategy to sell sneakers and apparel directly to its consumers.

Net income for the world’s largest sportswear maker rose to $1.37 billion, or 86 cents per share, in the first quarter ended Aug. 31, from $1.09 billion, or 67 cents per share, a year earlier.

Revenue rose 7.2% to $10.66 billion. Analysts were expecting $10.44 billion, according to IBES data from Refinitiv.

Shares of the company rose nearly 5% in extended trading.

(Reporting by Nivedita Balu in Bengaluru; Editing by Arun Koyyur)

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