Nike reported its earnings rose by more than half but only just met Wall Street expectations.

The Beaverton, Oregon company said after the market closed Wednesday that the stronger dollar and rising costs for oil, labor and freight could significantly hurt its margins in the fiscal first quarter and full year.

For the three months ended May 31, Nike reported net income of $521.9 million, or $1.06 a share, up from $341.4 million, or 70 cents, booked in last year's fourth quarter. Analysts, on average, forecast earnings of $1.05 a share, according to data from Thomson Reuters.

Revenue increased 8% to $5.08 billion from $4.71 billion a year ago, coming up short of Wall Street's outlook for $5.14 billion in sales.