WASHINGTON, Oct 2 (Bernama-dpa) -- US sportswear giant Nike announced on Tuesday a year-on-year drop in profit for the first quarter, reported German news agency dpa.
The company's bottom line totalled US$1.05 billion, or US$0.70 per share.
This compares with US$1.45 billion, or US$0.94 per share, in last year's first quarter.
The company's revenue for the quarter fell 10.4 per cent to US$11.589 billion from US$12.939 billion last year.
"NIKE's first quarter results largely met our expectations. A comeback at this scale takes time, but we see early wins — from momentum in key sports to accelerating our pace of newness and innovation," executive vice president and chief financial officer Matthew Friend said.
The company is in the midst of a chief executive transition, with Elliott Hill to start as president on October 14.
"Our teams are energised as Elliott Hill returns to lead NIKE's next stage of growth," Friend said.
--BERNAMA-dpa
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