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Business Briefing / Earnings

Nike profit barely rises as sales drop

September 30, 2009|Times Wire Reports

Nike Inc. said its fiscal first-quarter profit was almost unchanged from a year ago as consumers worldwide continued to limit their spending.

The sneaker and apparel retailer earned $513 million, or $1.04 a share, for the quarter that ended Aug. 31. In the year-earlier quarter, Nike earned $510.5 million, or $1.03.

Revenue fell 12% to $4.8 billion, the Beaverton, Ore., company said.

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