Nike profits up 20% in November quarter

Nike, the world's leading maker of sporting goods, reported a 20% year-on-year rise in net profit for the three months ending November.

Income for the period came to $785m (£530m).

Future orders for deliveries from December to April 2016 - which is a key measure for Nike - also beat expectations, boosted by strong demand from China, Japan and North America.

Revenue was up 4% to $7.7bn.

The firm said by the end of November its future worldwide orders for footwear and clothing were up 20%, excluding currency changes.

Greater China made up 34% of that growth, while Japan made up 32% and North America 14%.

"Our powerful global portfolio of businesses, combined with strong financial discipline, continue to drive significant shareholder value," said chief executive Mark Parker.

"We see tremendous opportunity ahead as we enter an Olympic and European Championships year with a full pipeline of inspiring innovation for athletes everywhere."

James has won two NBA titles and is a four-time NBA MVP

Earlier this month, Nike signed a lifetime deal with American basketball star LeBron James.

Mr James has been with Nike since 2003 when he signed a $90m (£59.7m) contract with the firm.

The sports star's latest deal is believed to be the first lifetime contract ever signed by Nike.