BUSINESS BRIEFING / RETAIL
TIMES STAFF AND WIRE REPORTS
Athletic footwear and apparel company Nike Inc. reported that its profit dropped in its fiscal fourth quarter on costs to cut jobs, but adjusted results beat Wall Street expectations.
But Nike also said orders for the next several months are down sharply compared with last year.
Nike said its net income fell 30% to $341.4 million, or 70 cents a share, for the quarter that ended May 31. That’s down from $490.5 million, or 98 cents, a year earlier.
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