Sales Are Up, Profit Is Down for Nike

Nike Inc., the world’s biggest maker of athletic shoes, said fiscal third-quarter profit fell 33% to $97.4 million, or 35 cents a share, as sales edged up to $2.17 billion from $2.16 billion a year ago. Analysts had cut their average profit forecast to 35 cents a share from 53 cents last month after Nike said earnings would fall short of forecasts, in part because of glitches in an inventory system. The Beaverton, Ore.-based company reported its results after the markets closed. Its Class B shares closed up $1.71 at $38.01 on the NYSE.