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Nike's profit increases 3%

Nike Inc.'s second-quarter profit rose 3 percent as strong demand and higher prices for its shoes, clothes and gear offset increased costs.

Nike, like many companies, has been coping with higher costs for materials, labor and freight. But the Beaverton, Ore., company has been able to defy many trends of the down economy as its popularity has driven strong sales and allowed it to raise prices without consumer backlash.

The world's largest athletic shoe and clothing company reported Tuesday after the market closed that it earned $469 million, or $1 per share, for the quarter that ended Nov. 30. That's up from $457 million, or 94 cents per share, in the same quarter last year.