Nike sales rise outstrips costs

Sports brand Nike saw profits jump 15 per cent in its financial first quarter as sales of its athletic gear rose faster than its costs. The world’s largest sports shoe and clothing maker said it earned $645 million (£390m) in the three months to 31 August, up from $559m in the same quarter last year.

The firm, which supplies kit to Celtic and Dundee United football clubs, beat analysts’ expectations with a revenue rise of 18 per cent to $6.08 billion and said demand for its products remained strong around much of the globe. That helped make up for the higher prices it paid for raw materials and for selling more items at a discount.