Nike Inc.'s shares rose Friday, a day after reporting a hefty increase in its first-quarter profit and disclosing plans to reexamine its business portfolio.After the market closed Thursday, Nike reported a 51 percent rise in earnings and said it will explore the sale of its Nike Bauer Hockey subsidiary, review its Exeter Brands group and look closely at adding new business to its portfolio, either grown from within or acquired. Nike President and CEO Mark Parker said one of the company's competitive advantages is the breadth and diversity of its business portfolio. Now the Beaverton-based shoe giant is taking another look.

Nike subsidiaries constitute only $628 million of the $4.7 billion in revenue the company reported Thursday for its first quarter. But as the company continues with its aggressive growth plan, all niches of its business are being examined.



Its shares rose 68 cents to $59 in morning trading Friday after rising to a 52-week high of $60.99 earlier in the session.

More than a year ago, the company set the lofty goal of hitting $23 billion in revenue by 2011 and said it would be realigning its business categories to streamline and increase efficiency.

The company is well on its way with its goals, reporting net income of $569.7 million, or $1.12 per share, for the quarter ended Aug. 31, up from $377.2 million, or 74 cents per share, for the same period a year earlier.

Revenue increased 11 percent, with changes in foreign exchange rates contributing 3 percentage points to that growth.

Nike exceeded Wall Street expectations for the quarter. Analysts surveyed by Thomson Financial expected a profit of 87 cents per share on revenue of $4.58 billion.

Nike Bauer Hockey has helped build up its brand, company officials said, but it doesn't align with Nike long-term growth plans to invest where the greatest returns are available.

Parker said considering the sale of Nike Bauer Hockey was a "tough decision but one we believe is in the best interest of Nike and this great hockey company."

Nike Bauer Hockey is based in New Hampshire and manufactures and distributes hockey ice skates, apparel and equipment, as well as equipment for in-line skating, and street and roller hockey.

Nike said it plans to explore and possibly complete a sale within the fiscal year.

Other Nike-owned brands will also be under scrutiny — including Converse, Nike Golf, Cole Haan, Exeter and Hurley.

Although Bauer performed well last year, bringing in about $160 million, Nike officials said it is an equipment business in a smaller category and the company has to set priorities.

Analysts said the company's other subsidiaries — particularly Converse — are performing well. But it's unclear where that leaves Exeter Brands Group, which is based in New York and includes the Starter, Team Starter and Asphalt brand names and targets some of the lower-priced markets.

Nike officials said they were "looking at every angle" of the business.