BEAVERTON, Ore. - Nike Inc. beat Wall Street estimates Thursday despite a 13 percent slide in profit for the first quarter as stock option expenses and sales costs outstripped revenue growth for the world's largest athletic shoe and clothing maker.
Earnings for the quarter ended Aug. 31 fell to $377.2 million, or $1.47 per share, from $432.3 million, or $1.61 per share, for the same period last year.
But earnings per share still surpassed the $1.42 estimate by analysts surveyed by Thomson Financial.
Profit would have been higher if not for $40.8 million in stock option expenses that Nike reported to comply with recent changes in accounting rules, the company and …
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