Overseas sales boost Nike profits

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Nike has reported 9% growth in profits for the three months to the end of November, despite weak sales in its domestic market.

It reported net income of $391m (£252) for the second quarter, up from $359.4m in the same period of last year.

The results were slightly better than expected and came in spite of a 1% drop in revenue in the US.

China is Nike's fastest-growing market and was still feeling the effects of the Beijing Olympics in the quarter.

Nike is already the world's largest maker of athletic shoes and clothing and its chief executive said that the current economic downturn was an opportunity to extend its lead.

"I see the current state of our industry and the world as an incredible opportunity for Nike to be a better and stronger leader, and we're going to seize that opportunity," Mark Parker said.