Nike has been gripping the pockets of consumers for over a quarter century now, holding sneaker fiends upside down shaking out $154 or more for a pair of their latest basketball sneakers or the gaudy prices they pull out whenever a classy Jordan retro descends from the heavens.

Well looks like the Swoosh is falling in line with the rest of the country right now and plans on hiking prices on everything to compete. Of course I’m not exactly thrilled about it considering that Nike’s been crapping on its buyers with some low quality material, only breaking out the comfort when it comes to its showcase Nike Basketball kicks. Well, looks like I’ll be saving up for the Jordan XI “Concords” whenever Nike plans on unleashing them to the general public *cough* Christmas *cough*.

The sportswear company, which owns the Nike, Umbro and Converse brands, warned that the rising cost of cotton, oil and transportation will squeeze profit margins.

Nike’s chief financial officer Don Blair said in a conference call to analysts yesterday (18 March) that until now price increases had been in specific markets on particular product lines but from its next financial year prices would increase “across the board”. The company’s current financial year ends 31 May.

Blair was speaking as the company reported that net profit for its third quarter increased 5% to $523m. Revenue rose 7% to $5.1bn.

The gains were driven by a 21% revenue bump in China and a 19% gain in emerging markets, which partly offset a 2% fall in earnings from Western Europe.

[via Sneaker News]