Nike Q1 Profit Down 30%

(RTTNews) - Nike Inc (NKE) Tuesday reported its results for first quarter, with earnings dropping over 30% from the same period last year.

The company's earnings came in at $727 million or $0.49 per share, down from $1.051 billion or $0.70 per share, last year.

Revenues for the quarter rose 1% to $11.720 million from $11.589 million last year.

"This quarter NIKE drove progress through our Win Now actions in our priority areas of North America, Wholesale, and Running," said Elliott Hill, President & CEO, NIKE, Inc. "While we're getting wins under our belt, we still have work ahead to get all sports, geographies, and channels on a similar path as we manage a dynamic operating environment. I'm confident that we have the right focus in Win Now and that our new alignment in the Sport Offense will be the key to maximizing NIKE, Inc.'s complete portfolio over the long-term."