Nike gets a golden glow in wake of the Olympics

The Beijing Olympics have given sportswear firm Nike a windfall, with orders surging 50% after the Games.

The company today unveiled surprisingly strong results, with robust sales in the US despite the financial meltdown and recession fears, and a weak dollar adding to its international bottom line.

Revenue from Nike's Asia businesses grew 36% to $861 million (£465.3 million), boosted by sales in China, the world's fastest-growing major economy.

Nike gets more than half its sales outside the US and so was helped by the decline of the dollar against foreign currencies. European sales grew 20% to $1.8 billion while in the US they also rose to $1.8 billion.

Nike said advance orders were up 3% in the US, with gross profit margins at 47.2% in the first quarter, up from 44.8% a year earlier, helped by higher prices in its home market.

Net profits fell to $510.5 million on revenue up 17% at $5.4 billion in the quarter. Last year's result was boosted by a $105.4 million tax credit.

In Europe, 15% of the 20% growth came from the weaker dollar and forex accounted for 10% of the Asian growth.

Global orders for delivery of shoes and apparel from now until January rose 10%, with gains of 4% and 27%, respectively, in Europe and Asia.