Pursuits
Nike Falls Most in Two Years on First Profit Miss Since 2006
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Nike Inc., the world’s largest sporting goods company, sank 9.2 percent, the most in more than two years, after profit missed analysts’ estimates for the first time in 19 straight quarters, amid higher costs.
Net income rose to $1.08 a share in the third quarter ended Feb. 28, the Beaverton, Oregon-based company said yesterday in a statement. That compared with the $1.12 average of estimates compiled by Bloomberg.