Nike (NKE, news, msgs) says fiscal-first-quarter profit fell 13%, as stock-options expenses and increased marketing spending around the World Cup soccer tournament and other initiatives outpaced revenue growth.

Shareholders could be excused for wondering whether the shoe-and-apparel giant is getting sufficient bang for its marketing bucks.

Tiger Woods gets more than $20 million to promote Nike's golf division. LeBron James is being paid $13 million for taking the court in Nike basketball shoes. Brazil's national football team gets $12 million for playing its famed "beautiful game" in Nike soccer shoes.

Nike will spend $476 million this fiscal year in exchange for endorsements by celebrity athletes, part of the company's $1.7 billion advertising budget for the year.