Nike net profit falls 33%

Nike Inc. announced its Q3 net profit fell 33% as it works to overcome weakness in its U.S. footwear market, and it earned US$97mln, or 35 US cents a diluted share compared with earnings of US$145.3mln, or 52 US cents. Nike had lowered their earnings estimates for Nike to 35 US cents a share, according to First Call/Thomson Financial. Nike reaffirmed its fourth-quarter earnings per share estimate of 60 US cents to 65 US cents. Nike said Q3 revenue was US$2.17bln, compared with US$2.16bln in the year-earlier period. The company reported flat worldwide futures orders of $3.8 billion for athletic footwear and apparel scheduled for delivery between March and July. Knight said international futures orders grew 11 percent while U.S. numbers declined four percent. 

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