Nike
New York (AFP) - Nike shares soared Tuesday after it reported better-than-expected results despite a hit to profit margins from heavy discounting because of excess inventory. The sports giant has been one of several prominent brands to flag a supply glut, a dynamic that has forced especially generous promotions on some goods, especially apparel that is out of season. Nike executives described the most difficult supply excesses as "behind us," adding that available inventories -- while still elevated -- are at their lowest levels in four quarters. Profits for the quarter ending at November 30 c...
AFP
New York (AFP) - Lower sales in North America and China dented Nike's quarterly results as the sports giant on Monday projected modest revenue growth amid the strong dollar, rising inflation and other headwinds. The Oregon company -- which has enjoyed strong pricing at times during the pandemic but also faced Covid-19 factory lockdowns in Asia that have crimped its inventories -- reported lower profits for its fiscal fourth quarter. For the quarter ending May 31, Nike reported profits of $1.4 billion, down five percent from the prior year on a one percent dip in revenues to $12.2 percent. Neil...
AFP
New York (AFP) - Nike reported increased quarterly profits on higher sales in North America amid strong pricing on Monday, even as supply chain woes in Asia dented results in China and other markets. The sports giant, which had warned previously of a drag from elevated shipping costs as well as outages at key Asian factories due to Covid-19 restrictions, said results in North America and the Europe-Middle East-Africa region benefited from higher levels of inventory already in transit at the start of the quarter. The boom in North America follows investments in direct selling to consumers that ...
AFP
New York (AFP) - Why buy the latest pair of sneakers, when you can buy the latest pair of virtual ones instead? Nike joined the wave of brands buying into excitement over virtual goods Monday as the sportswear giant announced it has bought RTFKT, a company that makes digital sneakers. RTFKT -- pronounced "artifact" -- sells digital items in the form of non-fungible tokens (NFTs), virtual assets that are authenticated using the same blockchain technology as cryptocurrencies. "This acquisition is another step that accelerates Nike's digital transformation and allows us to serve athletes and cr...
AFP
New York (AFP) - Nike cut its sales forecast Thursday, pointing to myriad supply chain problems that are delaying deliveries of athletic gear and expected to crimp sales for the next few quarters. The sports giant is dealing with a doubling of shipping times from its Asian manufacturing centers to North America, as well as closures of major factories in Vietnam and Indonesia due to local government restrictions because of Covid-19, Chief Financial Officer Matt Friend said on a conference call with analysts. Shipping conditions have been bad for much of 2021 and "deteriorated even further" in t...
AFP
New York (AFP) - Shares of Nike skyrocketed Thursday on blowout earnings propelled by gains in direct sales to consumers and positive momentum from the return of professional sports. The sportswear giant scored record quarterly revenue earnings in North America and also benefited from a big jump in sales in Europe, Middle East and Africa compared to the same period last year, when Covid-19 restrictions were most severe. Higher revenues also helped offset the effects on higher spending on marketing in connection with major sporting events such as this month's NBA playoffs and Euro 2020, where t...
AFP
New York (AFP) - The makers of the "Satan Shoe", a collaboration with rapper Lil Nas X, have been ordered to stop selling them after Nike filed a lawsuit, according to court documents seen by AFP. The sportswear giant sued MSCHF Product Studio after they released 666 pairs of black Nike Air Max 97s customized to feature a bronze pentagram, a Bible verse referring to Satan's fall, and a drop of human blood mixed with red ink in the midsole. On Thursday, a US federal judge granted Nike's motion for a temporary restraining order, banning the Brooklyn-based art collective from fulfilling orders fo...
AFP
New York (AFP) - Nike scored a big jump in China sales in the second quarter and reported better-than-expected results on Friday, following a coronavirus hit earlier in the year. After suffering declines in revenues in the last two quarters, Nike reported an increase in sales in the quarter ending November 30 as it has bolstered direct selling efforts to consumers in the wake of upheaval in the retail industry. The sports giant said more than 90 percent of company-owned stores are now open, with some at reduced hours. However, the company continues to experience declines in customer traffic in...
AFP
New York (AFP) - Nike shares rocketed higher Tuesday after the company reported blowout quarterly earnings on strong digital sales and its CEO cheered the return of pro sports.The sports giant, which suffered bruising losses in the prior quarter due to the coronavirus pandemic, notched an 82 percent increase in digital sales in the quarter ending August 31, offsetting lower revenue in its wholesale business and declines in retail stores, where traffic is still down due to Covid-19.The company experienced big increases among consumers working out on the Nike Training app, while the "Nike Runnin...
AFP
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