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Nike fiscal 4Q profit tops forecasts

FILE- In this May 4, 2018, file photo, shows a view of the Nike Flywire cleats worn by Cincinnati Reds' Eugenio Suarez in the seventh inning of a baseball game against the the Miami Marlins in Cincinnati. Nike reports financial results on Thursday, June 28. (AP Photo/Aaron Doster, File)

BEAVERTON, Ore. (AP) -- Shares of Nike Inc. jumped in after-market trading Thursday after the sneaker giant posted better-than-expected results.

The Beaverton, Oregon-based company said it earned $1.14 billion, or 69 cents per share, in its fiscal fourth quarter. Revenue was $9.79 billion, a 13 percent rise over the same period a year earlier.

The results surpassed Wall Street expectations. Analysts surveyed by Zacks Investment Research forecast earnings of 64 cents per share and revenue of $9.39 billion.

Revenue for the Nike brand was up 9 percent to $9.3 billion in the quarter that ended May 31. But Converse brand sales slumped 14 percent to $512 million as growth in Asia was more than offset by declines elsewhere.

The athletic apparel maker also unveiled a $15 billion share buyback plan that will kick in during the current fiscal year after a $12 billion plan now in effect is completed.

Nike shares rallied nearly 10 percent in extended trading following the releases of the earnings report. As of the close of regular-session trading Thursday, the stock was up almost 15 percent for 2018 and more than 34 percent in the past year.