Nike 1st-quarter net income up 9 percent on better demand, margins

Nike net income up 9 percent in 1Q

BEAVERTON, Ore. — Nike Inc. says growing demand for its products and strong margins drove its first-quarter net income up 9 percent.

The world’s largest athletic shoe maker reported Wednesday that it earned $559 million, or $1.14 per share, for the quarter. That’s up from $513, or $1.04 per share, in the same quarter of the prior year.

Nike’s revenue grew 8 percent to $5.18 billion.

Analysts expected the company to earn $1.01 per share on revenue of $5.22 billion.

Shares rose slightly in after-hours trading on the news after trading near yearlong highs during the week.