Nike profits down by 30%
26/06/2009
Nike has announced a drop in fourth-quarter profit of 30%. The sports brand said this was mostly the result of costs of $195 million in restructuring charges after it reduced its workforce by 5%, but revenues, margins and future orders are down across all regions, the Wall Street Journal reported.
For the quarter ended May 31, Nike reported earnings of $341.4 million, down from $490.5 million a year earlier. Revenue decreased 7.4% to $4.71 billion.
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