Nike said Thursday its fiscal first-quarter net income fell 12 percent as higher sales of its clothing and footwear brands were offset by increased costs and ad spending.
Results beat expectations but shares fell 2 percent in aftermarket trading as investors worried about a slowing of futures orders.
Nike is facing high costs for materials and labor, as well as an uncertain economy in Europe. The Beaverton, Ore.-based company has raised prices and cut costs in response. Nike said net income for the three months, which ended Aug. 31, fell to $567 million. That compares with net income of $645 million last year. Revenue rose to $6.67 billion from $6.08 billion last year.
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