By  on September 22, 2006

Nike Inc.'s earnings dropped 12.7 percent in the first quarter, largely because of expensing stock options.

For the three months ended Aug. 31, the Beaverton, Ore.-based athletic giant reported earnings fell to $377.2 million, or $1.47 per diluted share, from $432.3 million, or $1.61, in the same period a year ago.

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