Nike sees dip in shares despite 'better-than-expected' profits

Shares of Nike dipped 1.2% despite better-than-expected profits.

 

Profits were boosted by brisk demand for sneakers priced as high as $225 a pair.

 

According to the New York Post, the world's biggest athletic-goods manufacturer's stock, which is up more than 50% this year, closed down Friday at $77.34 .

 

That's despite the fact that Nike's profit for the three months ended Nov. 30 soared 40% to $537 million .

 

The company said Nike brand sales were up in every product category and region.

 

Demand for its Converse brand was especially strong in North America, the UK and China, Nike said.

 

However, analysts said big plans for advertising spending on next year's Olympics in Russia and the World Cup soccer games in Brazil will pressure costs, putting a lid on near-term earnings, the report added.