Nike posted a 7% increase in profit, to $523 million, during its fiscal third quarter, yet its stock has dropped nearly 9.5 percent.
Nike posted a 7% increase in profit, to $523 million, during its fiscal third quarter, yet its stock has dropped nearly 9.5 percent.
Nike executives described financial pressures in a conference call with analysts Thursday.
“It’s clear consumers remain under pressure from high unemployment and emerging inflation,” Nike president and chief executive Mark Park noted during the conference call, adding that “rising input costs such as labor, freight and materials …will continue to affect our profitability near term.”
The company’s posted a 7 percent increase in profit, to $523 million, or $1.08 a diluted share, during its fiscal third quarter. But 14 analysts polled by Thomson Reuters were expecting $1.11 a share in the three-month period ended Feb. 28.
Read more at OregonLive.com.
{biztweet}Nike profit{/biztweet}
