Nike profits dip

Nike reported an eight per cent fall in fourth-quarter profits to $549m (£354m), despite them expecting a lift from the Olympics.

The company battled with a cost increase for labour and material and offset this by raising their product prices.

Their fourth quarter revenues rose 12 per cent to $6.5bn, which was below expectations. Overall their results fell short of analysts’ expectations, which have been exceeded in 17 of the past 18 quarters.

Chief executive Mark Parker said he expected “persistent challenges into 2013”.