NEW YORK (AP) -- Nike says its fourth-quarter net income fell 8 percent as restructuring charges and higher raw material costs offset price increases that helped boost its revenue.
In a rare circumstance for the world's largest athletic shoe and clothing company, the results the company reported Thursday afternoon missed expectations, and its shares sank almost 10 percent after hours. Nike said its net income fell to $549 million, or $1.17 per share, compared with $594 million, or $1.24 per share, a year earlier.
Analysts were expecting $1.37 per share. Its revenue rose 12 percent to $6.47 billion, while analysts expected $6.51 billion.
Nike Inc. has beaten analysts' expectations in 17 of the past 18 quarters. Also cutting into its profit were higher taxes and an unexpected customs assessment in emerging markets.
