Nike Inc., the world’s largest athletic shoe and clothing company, said profits in the fourth quarter rose 22 percent as strength in North America offset weakness in Europe and China. Nike has been working to reduce its inventory in China and adapt to the changing tastes of customers. It also has been focusing on growth in North America, selling less profitable brands like Umbro to focus on its core brands. The company said it earned $668 million, or 76 cents per share, in the period. That compares with $549 million, or 60 cents, a year ago. Analysts had expected 74 cents on revenue of $6.63 billion.