Washington, Dec 22 : Shares of Nike dipped 1.2 percent despite better-than-expected profits.

Profits were boosted by brisk demand for sneakers priced as high as 225 dollars a pair.

According to the New York Post, the world's biggest athletic-goods manufacturer's stock, which is up more than 50 percent this year, closed down Friday at 77.34 dollars.

That's despite the fact that Nike's profit for the three months ended Nov. 30 soared 40 percent to 537 million dollars.

The company said Nike brand sales were up in every product category and region.

Demand for its Converse brand was especially strong in North America, the UK and China, Nike said.

However, analysts said big plans for advertising spending on next year's Olympics in Russia and the World Cup soccer games in Brazil will pressure costs, putting a lid on near-term earnings, the report added. (ANI)