Nike buoyed by leap in US orders

Nike yesterday posted a higher quarterly profit and said advance orders for its clothes and shoes had jumped, particularly in North America. For the quarter ended 31 May, the company earned $668m (£437.8m), or 76 cents a share, compared with $549m, or 60 cents a share last year and beating analyst expectations. Nike’s gross profit margin rose 1.1 percentage points to 43.9 per cent of sales, jumping for the second quarter in a row after two years of declines. Total revenue rose 7.4 per cent to $6.7bn.