Nike profit rise fails to impress

Nike blamed a rising tax burden, as well as higher manufacturing and shipping costs.

Profits rose slower than earnings, which were up 7%, meaning the company's margins were slimmer than before.Traders responded by lowering the cost of buying shares in the company, which is a market leader in its field.

Even an 11% rise in orders for the season ahead, failed to reassure investors who are used to Nike exceeding predictions.