Nike Profit Jumps, but Stock Slips

Nike Inc., one of the world’s leading makers of sports and fitness products, reported a 17% rise in quarterly profit Monday--to a record $82.5 million.

Its stock slid, however, apparently because investors had expected even better results.

The Beaverton, Ore.-based company said the $82.5 million, or $1.08 a share, in net income for the fiscal third quarter ended Feb. 29 compared to $70.7 million, or 93 cents per share, a year earlier.

Revenue for the period advanced to $867 million, also a record, from $802.2 million.

“The investments we are making in Nike’s international marketing and infrastructure are beginning to pay off,” Chairman Philip Knight said. “Nike is uniquely positioned to compete aggressively and to lead the world with innovative sports and fitness products.”

Nike’s stock skidded $3.625 a share to $70.50 on the New York Stock Exchange. Shares jumped nearly $3 Friday.