Athletic shoe and gear maker Nike Inc. said Thursday that its third-quarter net income rose 5 percent as its sales rose, but both its profit and revenue missed analyst expectations, and its shares fell in after-hours trading.
Nike said it earned $523 million, or $1.08 per share, for the quarter that ended Feb. 28. That's up from $497 million, or $1.01 per share, in the same quarter last year.
Its revenue rose 7 percent to $5.08 billion.
That is short of the $1.12 per share earnings and revenue of $5.17 billion forecast by analysts polled by FactSet.
Nike, based in Beaverton, Ore., said its stronger revenue was offset by higher manufacturing and shipping costs. The company also said it faced a higher tax rate for the period.
The company said revenue rose in all its categories and markets around the globe except Japan, where it has long struggled with sluggish sales.
Nike said its orders for the upcoming season, which many investors look to for insight into its near-term strength, rose 11 percent. But investors were spooked by Nike's miss; the company typically exceeds expectations and rarely falls short.
Shares of the company fell $5.35 -- roughly 6 percent -- to $80.61 in after-hours trading.