0434 GMT - Nike Inc. is one of the most mentioned companies in the news over the past 12 hours, according to Factiva data, after it reported higher-than-forecast profit for its third quarter. The sportswear company said its net profit fell by 11% in the three months ended Feb. 28 and that it was starting to trim inventories. Profit of $1.2 billion was well above the $837.8 million estimate by analysts in a Factset compilation. Nike said its inventories totaled $8.9 billion as at Feb. 28, compared with $9.3 billion at the end of its second quarter, which was 43% higher than a year earlier. Shares rose 3.6% to $125.61 a share during regular trading and briefly spiked above $130--after it posted its earnings. Dow Jones & Co. owns Factiva. (jacques.vanwersch@dowjones.com)

(END) Dow Jones Newswires

March 22, 2023 00:49 ET (04:49 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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