NEW YORK (Bloomberg) — Nike Inc., the world's largest athletic-shoe maker, said second-quarter profit rose, helped by sales in Europe and Asia.

Net income climbed 8.8 percent to $391 million, or 80 cents a share, in the three months ended November 30, beating analysts' estimates, from $359.4 million, or 71 cents, a year earlier. Sales advanced 5.8 percent to $4.59 billion, the Beaverton, Oregon-based company said today in a statement.

The overseas sales gain countered a 1.1 percent decline in the US, even as the world economy slowed. Orders scheduled for delivery from December 2008 through April 2009 rose six percent from a year earlier, excluding the effect of currency-exchange fluctuation. Orders haven't declined in November and December as the worldwide economy has slowed, Nike said.

"Future orders are very positive," said John Shanley, a New York-based analyst with Susquehanna Financial Group LLLP, in a telephone interview. "I was expecting more like two percent." Shanley has a "positive" rating on the stock.

Sales rose 6.4 percent in Europe, the Middle East and Africa, the company's second-biggest region after the US, and 22 percent in Asia.

Nike has seen market-share gains in Europe, chief executive officer Mark Parker said on a conference call with analysts and investors.

Orders remain "solid" in emerging markets, including a 25 percent increase in China, Parker said. Inventory rose in the country, which has caused an increase in discounting, he said. The gross margin will narrow in the second half of the year, Parker said. For the year, the gross margin will be about the same as 2008, he said.

To control expenses, the company has initiated a hiring freeze and curtailed business travel, Parker said. New store openings will slow to 800 because of the economy, he said.

"The worst is not behind us," Parker said.

Adidas AG, the world's second-largest sporting-goods maker, reported on November 6 that profit was little changed. The maker of Reebok shoes, based in Herzogenaurach, Germany, withdrew its 2009 earnings forecast, citing an uncertain world economic outlook.

The average of 12 analysts surveyed by Bloomberg predicted Nike would earn 77 cents a share in the second quarter. Sales were seen at $4.68 billion by 11 analysts.