Nike Sales Miss the Goal - TheStreet

NEW YORK (

TheStreet

) --

Nike

(NKE) - Get Report

received a boost from the World Cup, as its fourth-quarter profit grew 53%.

Still, Nike shares were dropping 2% to $71 in after-hours trading, as sales slightly missed expectations.

The athletic footwear and apparel retailer earned $522 million, or $1.06 a share, compared with $341.4 million, or 70 cents, in the year-ago period. Analysts were calling for a profit of $1.05 a share.

Sales at Nike jumped 8% to $5.08 billion, but that was just short of Wall Street's forecast of $5.15 billion.

-Reported by Jeanine Poggi in New York.

Follow Jeanine Poggi on

Twitter

and get more stock ideas and investing advice on our sister site,

Stockpickr.com.