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Nike fiscal Q1 profit climbs 18.4% YOY

Nike Inc. said its normalized net income for the fiscal first quarter ended Aug. 31 amounted to 43 cents per share, compared with the S&P Capital IQ consensus estimate of 44 cents per share.

EPS climbed 21.7% year over year from 36 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $768.1 million, an increase of 18.4% from $648.8 million in the prior-year period.

The normalized profit margin increased to 9.6% from 9.3% in the year-earlier period.

Total revenue climbed 14.5% year over year to $7.98 billion from $6.97 billion, and total operating expenses grew 14.3% year over year to $6.74 billion from $5.90 billion.

Reported net income increased 23.3% year over year to $966.0 million, or 55 cents per share, from $783.2 million, or 43 cents per share.