American sportswear and footwear goliath Nike have reported a 24 percent rise in quarterly profit, down to increased sales in high margin basketball shoes and higher price-point apparel. According to an official company report net income rose to $865 million from $698 million just a year earlier. With growth in the sale of higher end products however, Nike has suffered in terms of entry-level sneakers, with Puma, adidas and even Under Armour making ground on them, TheStreet.com reporting that Nike has suffered losses by “lower sales of entry-level products” in North America. For all the figures and further details on Nike's fiscal year report, go to their dedicated website.
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