Nike Reports Drop In Q1 Income Amid Slowdown Of Future Orders
Nike today reported that Q1 net income fell 12% "as the boost from higher sales was offset by increased costs and ad spending." The company also is "facing a slowdown of future orders of its products, particularly in China." Income fell to $567M, or $1.23 per share, down from income of $645M, or $1.36 per share. That "beat expectations" that the company would earn $1.12 per share. Nike execs said that they are working to come up with products "more tailored to the Chinese consumer" (AP, 9/26).