NIKE Q3 profits lower than expected

NIKE Inc posted a lower-than-expected quarterly profit as the world’s largest athletic shoe and clothing maker was hit by rising costs of oil and cotton and shares fell nearly 6%.

Net income in the fiscal third quarter rose 5.2% to $523 million (€373m), or $1.08 a share, compared with $497m(€354m), or $1.01 cents a share, in the year-earlier quarter. That was below analysts’ average expectation of $1.12 per share, according to Thomson Reuters I/B/E/S.

in the quarter ended February 28 rose 7.3% to $5.08bn. Future orders, excluding currency exchange rates — a key measure of sales growth— rose 9%. Gross margin fell 1.1% to 45.8%. Shares fell $4.80, or 5.6%, to $80.61 following the earnings report, after closing at $85.41 on the New York Stock Exchange.