Nike Inc. saw first-quarter income fall as increased costs hurt the bottom line.
For the three months ended Aug. 31, the company said net income fell 12 percent to $567 million, or $1.23 a diluted share, from $645 million, or $1.39, a year ago. The company had higher selling, general and administrative expenses for the quarter, as well as a higher tax rate of 27.5 percent versus 24.3 percent last year.
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