Sportswear giant Nike has managed to report a slight rise in quarterly profits after cost-cutting work helped to offset a fall in revenues, BBC.
The US group made a net profit of $513m (£322m) in the three months to 31 August, its fiscal first quarter. This compares with $511m a year earlier.
Nike's revenues declined 12% to $4.8bn from $5.4bn last year.
The firm said sales were continuing to fall, with global orders from retailers until the end of January 2010 down 6%.
Future orders are down most in Eastern Europe, which they have fallen 28% from a year earlier. They have declined by 4% in the US and Canada, and by 8% in Western Europe.
However, the results were better than analyst expectations, and Nike's shares rose 3% in after-hours trading.
Earlier this year Nike cut 1,750 jobs, or 5% of its workforce, in the biggest job reduction in its history.
Nike's chief executive Mark Parker said the company was "on the right track".
The firm is the world's largest sportswear manufacturer.
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