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US: Europe and Converse send Nike Q1 profit up 33%

Sporting goods giant Nike posted a 33% surge in first quarter net profit, buoyed by near-ubiquitous growth and improving margins.

In the midst of expanding the retail footprint for its Converse brand, Nike has opened the doors to its largest Converse store yet.

Nike paid $305 million to purchase Converse in 2004. Annual sales exceeded $1 billion for the first time in 2011.

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