BEAVERTON, Oregon: Nike, the globe's number one sports shoe and apparel manufacturer, reported fiscal first quarter profits down by 13% to $377.2 million (€294.8m; £198.4m) during the period to August 31.
The company cited increased marketing spend in relation to the soccer World Cup tournament earlier this year as a major reason for the fall in profitability. Another factor was stock option expenses totalling $40.8m.
Looking to the future, ceo Mark Parker told analysts that Nike is trying to reduce product development lead times from eighteen months to twelve months, with the aim of getting new products onto retailers shelves faster.
Data sourced from Wall Street Journal Online; additional content by WARC staff