Nike Inc reported a stronger-than-expected quarterly profit as cost cutting and a lower tax rate more than offset revenue declines, sending its shares up 4.2 percent.

Nike's fiscal first-quarter net profit was $513.0 million, or $1.04 per share, compared with $510.5 million, or $1.03 per share, a year earlier. Analysts, on average, had expected 97 cents per share, according to Reuters Estimates.

Revenue fell 12 percent to $4.8 billion from $5.4 billion a year earlier, when orders in advance of the Beijing Olympics boosted sales.

The company paid a tax rate of 24.7 percent in the quarter, down from 28.5 percent a year earlier.

Selling and administrative costs were 32.2 percent of revenue, down from 34.2 percent.

Nike, the world's largest athletic shoes and apparel maker, said that revenue fell in all regions except Japan. But after accounting for currency fluctuations, sales were flat in Japan and rose in the emerging markets unit, which includes Brazil.

Orders for goods to be delivered from now until January -- a key gauge known as futures orders -- fell 6 percent, Nike said. That was in line with most analysts' expectations for a decline in the mid-single digits.

Orders were down on a year-over-year basis in every region except its emerging markets unit.

Nike, based in Beaverton, Oregon, has countered declines in consumer spending by cutting costs, streamlining operations and reducing marketing. It has also slashed 5 percent of its global workforce, or some 1,750 jobs.

During the quarter, Nike cut its selling and administrative expenses by 17 percent, helped by lower marketing and personnel costs.

Shares rose to $62.60 after-hours after closing at $60.09 on the New York Stock Exchange.

(Reporting by Alexandria Sage; Editing by Gary Hill)

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