Nike profit rises as sales in China improve

Nike's first-quarter profits outpaced expectations as surprisingly steep China growth boosted the world's largest sportswear maker, despite fears of a slowdown in the world's second-biggest economy.

The company posted a 23 percent increase in net income to $1.2 billion, or $1.34 per share, higher than the $1.19 a share analysts on average had expected.

Revenue rose 5.4 percent to $8.4 billion, beating estimates of $8.2 billion.

The company's global profits rose 23 percent as sales in the Greater China area umped by nearly a third.

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