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Nike second quarter net income falls

Dec 21 2012 09:54

Oregon - Nike says its second quarter net income fell 18% as the European economy remained weak and growth slowed in China. But the results topped Wall Street expectations and Nike's stock rose more than 4% in aftermarket trading.

The world's largest athletic gear maker says net income for the three months ended Nov 30, fell to $384m, or $1.14 per share. That compares with $469m, or $1.03 per share, last year when it had about 3% more shares outstanding.

Revenue rose 7% to $5.96bn.

Analysts expected $1 per share on revenue of $6.01bn.

Higher selling prices and easing raw material costs were offset by higher labour costs and fluctuations in foreign currency exchange rates. Futures orders rose 6%.

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