Nike has restored its profits though its topline has fallen. The Sportswear giant Nike has managed to report a slight rise in quarterly profits after cost-cutting work helped to offset a fall in revenues. 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.