(Reuters) - Nike Inc missed quarterly profit estimates for the first time in at least two years as high spending and costs of raw materials hurt margins, and its shares fell 11 percent.
The company earned $549 million, or $1.17 cents a share, in the fourth quarter ended May 31, compared with $594 million, or $1.24 a share, a year ago.
Analysts, on average, had been expecting the company to earn $1.37 share, according to Thomson Reuters I/B/E/S.
Revenue rose 12 percent to $6.5 billion.
Shares of Nike, based in Beaverton, Oregon, were down 11 percent at $86.19 Thursday after the bell. They closed at $96.89 on the New York Stock Exchange.
(Nivedita Bhattacharjee in Chicago; editing by Carol Bishopric)
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