By  on September 30, 2009

Nike Inc. on Tuesday posted first-quarter results that beat Wall Street’s profit expectations by 7 cents despite a double-digit dip in sales.

For the three months ended Aug. 31, income rose 0.5 percent to $513 million, or $1.04 a diluted share, from $510.3 million, or $1.03, in the year-ago quarter. Sales fell 11.7 percent to $4.8 billion from $5.43 billion. The Wall Street consensus estimate among analysts was for EPS of 97 cents on sales of $4.9 billion, according to Yahoo Finance.

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