Nike quarterly revenue beats estimates

(Reuters) - Nike Inc edged past analysts' estimates for first-quarter revenue on Tuesday as new launches of footwear and apparel fuelled sales in North America.

The company, which came out with a controversial ad campaign featuring former NFL player Colin Kaepernick earlier this month, was trading down nearly 2 percent at $83.30 after the bell.

Quarterly sales rose 6 percent in North America, its second straight rise, showing signs of recovery after competition from rivals Adidas AG and Under Armour eroded sales in three out of the last four quarters.

Revenue rose 9.7 percent to $9.95 billion, beating estimates of $9.94 billion, according to Thomson Reuters I/B/E/S.

 

The company's net income rose to $1.09 billion, or 67 cents per share, in the first quarter ended Aug. 31, from $950 million, or 57 cents per share, a year earlier.

(Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta)