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Nike profit rise fails to impress | |
(about 9 hours later) | |
A 5% rise in net profits for Nike was not enough for investors who had expected the sportswear and shoes firm to deliver even more. | A 5% rise in net profits for Nike was not enough for investors who had expected the sportswear and shoes firm to deliver even more. |
Profits rose slower than earnings, which were up 7%, meaning the company's margins were slimmer than before. | Profits rose slower than earnings, which were up 7%, meaning the company's margins were slimmer than before. |
Nike blamed a rising tax burden, as well as higher manufacturing and shipping costs. | Nike blamed a rising tax burden, as well as higher manufacturing and shipping costs. |
Traders responded by lowering the cost of buying shares in the company, which is a market leader in its field. | Traders responded by lowering the cost of buying shares in the company, which is a market leader in its field. |
Even an 11% rise in orders for the season ahead, failed to reassure investors who are used to Nike exceeding predictions. | Even an 11% rise in orders for the season ahead, failed to reassure investors who are used to Nike exceeding predictions. |
Nike shares closed down 5.2% at $81 (£50). | Nike shares closed down 5.2% at $81 (£50). |
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