DESIGNER

Colin Chan

PROFILE/DESCRIPTION

Nike said Tuesday that its quarterly profit had fallen 31 percent, to $727 million, despite a slight rise in revenue, as the footwear company plans to take a larger-than-expected hit from tariffs.

Nike said it expected tariffs to add $1.5 billion to costs for its fiscal year, up from its $1 billion estimate in the previous quarter. The company also said it expected revenue growth in the current quarter to be down to the low single digits.