Nike profits easily beat estimates

Nike Inc. said Tuesday profit jumped 19 percent to almost $326 million in its third quarter to easily beat Wall Street estimates as the world’s largest manufacturer of athletic shoes and clothing began operating under its new chief executive, Mark Parker.

Sales increased 9 percent to $3.6 billion as Nike earned $1.24 per share — almost 13 percent better than the $1.10 per share predicted by analysts surveyed by Thomson Financial.

Nike earned $273 million on $3.3 billion in sales during the third quarter last year.

“We’re very pleased,” said Parker, a Nike veteran named to replace William Perez after Perez resigned in January over differences with Nike co-founder and Chairman Phil Knight.

•Jones Apparel Group Inc. said Tuesday its board is considering a possible sale of the entire clothing and accessories maker whose brands include Jones New York, Evan-Picone and Gloria Vanderbilt. Its shares soared more than 12 percent.

The company appears to be taking advantage of a cash-rich environment for private equity players, which have snapped up a string of retailers including Neiman Marcus Group Inc. and Toys R Us Inc. in deals that made them private companies.

•Little Caesars is looking for a few good franchisees.

The carryout pizza chain announced Tuesday that it plans to add hundreds of stores around the country this year, reversing a trend that reduced the number of stores from 5,000 in the early 1990s to 2,000 today.

Privately held Little Caesar Enterprises Inc. said it aims to recruit hundreds of new franchisees over the next several years.

Franchisees typically own more than one store.

The company said it hopes to expand in Georgia, Missouri, New Jersey, New York, Pennsylvania, Oregon and Washington, D.C.

•The publisher of Time magazine has agreed to pay nearly $4.5 million to end investigations by 23 states into whether it deceptively marketed and billed people for subscription renewals, Pennsylvania’s attorney general said Tuesday.

Time Inc. also agreed to make about $4.3 million available in refunds, Attorney General Tom Corbett said. About 108,000 customers in 23 states are eligible to share the refund money and will receive a mailing in three months with a refund request form.

The $4.5 million will cover the cost to states to investigate Time, which also publishes Fortune, People, Sports Illustrated and more than 40 other magazines in the United States.