Double-digit increases in third quarter revenues and profit have left sportswear giant Nike on target to achieve its aim of US$23bn in annual revenues by 2011, the company said.

Revenues for the three-month period ended 29 February were up 16% to $4.5bn, while net income surged 32% to $463.8m.

Nike also reported that futures orders for clothing and footwear, scheduled for delivery in March-July 2008, were up 11% to $6.9bn.

"A year ago we established the goal of reaching $23bn in revenues by our fiscal year 2011 and outlined our strategy for achieving that goal while continuing to deliver profitable, sustainable growth and outstanding returns to our shareholders," said Mark Parker, Nike president and CEO.

"Our strong third-quarter results, driven by sales gains across our diversified portfolio of categories, geographies and brands, are a clear indication that our strategy is working and that we're on track to achieve our financial goals for this fiscal year and beyond," he continued.

The US was Nike's softest market, with sales up 5% to $1.6bn, although pre-tax income leapt 17% to $347.3m.

Europe's revenues grew 23% to $1.4bn, while profit was up 31% to $334.3m. Asia Pacific showed the fastest growth, with revenues up 27% to $748.3m, and pre-tax income up 46% to $193m.

Meanwhile, the Americas posted a revenue hike of 20% to $254.4m, and profit up 23% to $51.9m.

Nike's other businesses, among them Converse, Nike Golf and Cole Haan, saw revenues lift 15% to $600.9m. Pre-tax income was up 16% to $77.5m.