UPDATE: Nike FQ1 Profit Down 12%

Nike

reported a 12% drop in its fiscal first-quarter earnings. Nike's quarterly profit fell to $567 million, or $1.23 per share, from $645 million, or $1.36 per share, in the year-ago period. Excluding items, Nike earned $1.27 per share, versus analysts' estimates of $1.12 per share. The company's revenue rose 9.7% to $6.7 billion, while revenue for its Nike brand gained 16%. Its gross margin declined to 43.5% from 44.3%. Nike shares fell 3.65% to $92.50 in after-hours trading.