NEW YORK (CNNMoney) -- Nike shares plunged 13% in after-hours trading Thursday following a quarterly earnings report that missed analyst estimates.
The sportswear giant's quarterly revenue rose 12% versus last year to $6.5 billion, but net income fell 8% on declining margin and increased expenses.
In particular, Nike cited factors including rising materials costs, a higher effective tax rate and increased marketing expenses surrounding events like the Summer Olympics and soccer's European Championship.
The company also took a $24 million charge related to its restructuring in Western Europe, and incurred a stiff customs fee in an unnamed emerging market country based on its imports in previous years.
Nike's (Fortune 500) earnings per share were $1.17; analysts surveyed by Thomson Reuters had expected them to hit $1.37.,
Nike announced plans last month to divest its Cole Haan and Umbro businesses. Those two units lost a combined $43 million during Nike's 2012 fiscal year, which concluded at the end of May.
Other sportswear producers and retailers also slumped after-hours on the news. Under Armor (Fortune 500) slipped 1.0%, and Lululemon Athletica ( ) fell 2.6%.) dropped 3.9%, Dick's Sporting Goods ( ,
|What we want Apple to unveil at WWDC|
|Millennials squeezed out of buying a home|
|7 traits the rich have in common|
|Big Data knows you're sick, tired and depressed|
|Your car is a giant computer - and it can be hacked|
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.43%||3.42%|
|15 yr fixed||2.69%||2.69%|
|30 yr refi||3.46%||3.42%|
|15 yr refi||2.73%||2.68%|
Today's featured rates: