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Nike quarterly profit falls

Tags: Nike

Nike Inc. (NKE-N) first-quarter earnings were lower than last year, as the world's largest sportswear maker sees demand in markets like China slowing, and higher costs of materials used in its shoes and T-shirts continue to hurt margins.

Futures orders, or orders of Nike branded shoes and clothes scheduled for delivery from September 2012 through January 2013 rose 6 percent. Last year, they were up 16 percent.

For the quarter ended August 31, Nike earned $1.23 a share compared to $1.36 a share last year.

Revenue rose 10 percent to $6.7 billion. CTV Two CTV News CTV News Channel BNN - Business News Network CP24