Nike Inc. cited a 22% drop in...

Nike Inc. cited a 22% drop in revenue for a 38% decline in first-quarter net income. The Beaverton, Ore.-based firm said its revenue from domestic footwear and apparel dropped 22% and 28%, respectively. Revenue from foreign operations was up 6% after adjusting for the sale of Nike’s 51% interest in its Japanese subsidiary the previous year. The company also noted that future orders for footwear scheduled for domestic delivery during the period September-January period are 39% below last year’s level.