Costs and spending slow down Nike's Q1 income by 12 percent
September 29, 2012, 12:01 am TWN
BEAVERTON, Oregon -- Nike says its fiscal first-quarter net income fell 12 percent as higher sales of its clothing and footwear brands was offset by higher costs and increased ad spending. Results beat expectations but shares fell nearly 4 percent in aftermarket trading.
The world's largest athletic shoe and clothing company says net income for the three months ended Aug. 31 fell to US$567 million, or US$1.23 per share. That compares with net income of US$645 million, or US$1.36 per share, last year. Analysts it to earn US$1.12 per share