Nike posts smaller quarterly profit

Nike Inc posted a smaller quarterly profit as the sportswear maker wades through excess inventory in growing markets like China.

Futures orders, or orders of Nike branded shoes and clothes scheduled for delivery from December 2012 through April 2013, were up 6 percent. Last year, they were up 13 percent.

For the second quarter ended November 30, the company earned $384 million, or $1.14 a share, compared with $951 million, or $2.41 a share, in the same quarter last year.

Revenue rose 7 percent to $6.0 billion.

(Reporting by Nivedita Bhattacharjee in Chicago; Editing by Gary Hill)