Nike smashes analyst forecasts

Nike posted a net profit that beat analyst expectations yesterday, fuelled by fewer clearance sales of merchandise and improving sales around the world. The company’s shares jumped more than three per cent after it posted a six per cent gain on a constant currency basis in futures orders – delivery of goods to retailers through July – that beat Wall Street forecasts. “That’s the first thing people look at as a headline,” said Stifel Nicolaus analyst Thomas Shaw.