MW: Nike drops as margin disappoints; Cost Plus jumps
By Andria Cheng
NEW YORK (MarketWatch) -- Shares of Nike Inc. NKE -3.35% fell on Friday after the company's fiscal third-quarter gross margin narrowed more than analysts expected and it projected continued decline in the fourth quarter. Nike also forecast fiscal fourth-quarter sales to increase in a low double-digit rate, lagging the 18% constant-currency growth in orders. Nike shares fell 2.4%. Its retail customer Foot Locker Inc. FL -1.44% fell 1.4%. Finish Line Inc. FINL -0.74% dropped 0.9%. Best Buy Co. BBY +0.28% shares inched up 0.5%. AllThingsD reported that the electronics retailer is selling nearly as many iPhones as Apple itself. Cost Plus Inc. CPWM +8.24% , a retailer of home living and entertainment products, jumped 11% after its fourth-quarter profit rose more than expected. The S&P Retail Index XX:RLX -0.25% fell 0.5% to 613.66.
