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Business Briefing / EARNINGS

Nike profit falls; sales increase

September 25, 2008|From Times Staff and Wire Services

Nike Inc. said its fiscal first-quarter profit fell from a year earlier, when it benefited from a one-time tax gain. Excluding that item, profit rose in the quarter on sales growth around the globe.

The Beaverton, Ore., company said its net income in the quarter that ended Aug. 31 fell to $510.5 million, or $1.03 a share, from $569.7 million, or $1.12, a year earlier. Last year's first-quarter profit included a special item that increased earnings per share by 20 cents. Without it, net income would have grown 10%.

Revenue jumped 17% to $5.43 billion.

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