By  on September 24, 2008

Affected by the absence of a onetime tax benefit, Nike Inc. saw first-quarter net earnings slide 10 percent, but still handily beat Wall Street expectations.

For the three months ended Aug. 31, the active giant posted net earnings of $510.5 million, or $1.03 a diluted share, compared with $569.7 million, or $1.12, in the prior year. Sales climbed 17 percent to $5.4 billion from $4.7 billion.

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