Profit at Nike rose during the first quarter as savings from job cuts introduced earlier in the year offset lower revenue. However, orders continued to decline during the quarter ended August 31, falling 6% to $6.2 billion.

Profit exceeded analysts' estimates and the firm said it expects cost cutting to play an important part in its results in the near future.

"We are stable and we are staying healthy. Our inventory levels are lean and well managed," said Charlie Denson, president of the Nike brand.

First-quarter earnings totalled $513 million, up from $510.5 million in the corresponding period last year, while revenue fell 12% to $4.8 billion.

Revenues in greater China and Western Europe fell at a double-digit rate, with the steepest decline (-33%) in Central and Eastern Europe. North America revenue was down 5% at $1.76 billion, as sales of athletic footwear fell 4% and US apparel sales were down 9%.

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