Sportswear company Nike has seen profits leap ahead of analysts’ expectations as strong sales in China belied a slowdown in the country’s economy.
Despite China heading towards its weakest growth in 25 years, Nike reported a profit of $1.18 billion (£775 million), up 23% from a year earlier, in the three months to August 31st.
"Fiscal 2016 is off to a great start," Mark Parker, Nike's president and CEO said in the company's earnings release. "Our relentless pace of growth is driven by our proven strategy of putting the consumer first, obsessing innovation in everything we do and leveraging our powerful portfolio. We're well-positioned to continue to deliver long-term growth that is both sustainable and profitable."
