Increased discounting to clear excess inventory weighed on the bottom line in Nike’s fiscal third quarter, sending net income down 11% to $1,240 million from $1,396 million on 14% higher sales of $12,390 million vs. $10,871 million, that would have been up 19% constant currency. Nike brand revenues increased the same amount, with footwear sales up 20% to $7,970 million, apparel 5% higher at $3,381 million and equipment growing 3% to $403 million. Converse sales increased 8% to $612 million, with gains in North America offsetting declines in Asia.

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