Nike profits up

Nike profits up

Nike's third-quarter profits rose, boosted by demand for its goods ahead of the Olympics.

The results beat analysts' expectations. But higher costs ate into Nike's gross margin, or the amount of each dollar in revenue a company actually keeps.
Consumer product makers across the board are facing high costs for materials, labor and freight. Nike said some of its costs were easing, though its labor costs remain high.
"I believe there is some stability easing into the broader marketplace as consumer confidence moves higher in most parts of the world," CEO Mike Parker said.

Read more at Bloomberg Businessweek.

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