Nike's quarterly profit drops 24 percent

(Reuters) - Nike Inc reported a 23.9 percent drop in quarterly profit as the world's largest footwear maker discounted heavily and spent more to expand its direct-to-consumer business.

Nike's net income fell to $950 million, or 57 cents per share, in the first quarter ended Aug. 31, from $1.25 billion, or 73 cents per share, a year earlier.

Revenue rose to $9.07 billion from $9.06 billion.

(Reporting by Gayathree Ganesan in Bengaluru; Editing by Martina D'Couto)