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Q3 profit rise for Nike

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Nike Inc., the world’s biggest athletic-shoe maker, has confirmed that its third-quarter profit rose 7.7 per cent on sales of new products including iPod-compatible sneakers.

The net income of the company has gone up to $350.8 million, or $1.37 a share. The profit margin of the company is expected to decline in the fourth quarter, because of the discounts offered by the company to clear out older inventory and make room for fresh shoes and apparel.

Nike’s sales in the U.S. climbed 2 per cent, the smallest gain in at least seven quarters. After the company was criticized for lack of differentiation, it plans to open 100 full-priced stores during the next three years to highlight products such as its running shoes that sync with Apple Inc.’s iPod digital player.

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