Nike Earnings Dip 4.8% in Fiscal Q4

29 June 2006

BEAVERTON, OREGON - World number one sports apparel and footwear giant Nike reported fiscal fourth-quarter profit down by 4.8%, impeded by rising transportation costs and a charge relating to a contract dispute involving its Converse subsidiary.

In the quarter ended May 31, net income totaled $332.8 million (€264.35m; £182.49m). The same period last year saw the company posting net of $349.5m.

Revenue rose 7.6% to $4.01 billion from $3.72bn, boosted by high-end basketball sneakers like Air Jordan and growth in the US, Latin American, Chinese and Russian markets.

In addition to its swoosh-emblazoned sneakers and clothing Nike also sells a variety of products, including golf clubs and dress shoes, in addition to its swoosh-emblazoned sneakers and clothing.