default-output-block.skip-main
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Nike's Relies on China Sales Amidst US Slump

Nike's US business continued to sputter last quarter, putting extra pressure on overseas markets like China and Latin America to pick up the slack.  
Nike's women-only store at Newport Beach, California | Source: Nike
By
  • Bloomberg

BEAVERTON, United States — Nike Inc.'s US business continued to sputter last quarter, putting more pressure on its operations in Asia and Latin America to pick up the slack.

The world’s biggest sportswear maker relied on strong overseas — especially in China — to overcome a weakening US. business and help it post first-quarter profit that topped estimates. The company also cited a move to streamline its global operations for helping bolster its bottom line.

Chief Executive Officer Mark Parker vowed to ignite global growth through "innovative products and the most personal, digitally connected experiences in our industry."

With major U.S. retailers faltering over the past 18 months, Nike has been trying to generate more revenue through its own stores and websites while also chasing growth in Asia. It’s also pursuing new channels for distribution, including inking a deal this year to sell lower-end items through Amazon.com Inc.

Earnings were 57 cents a share, the Beaverton, Oregon-based company said after the market closed on Thursday. Analysts projected 48 cents, on average. Nike shares were little changed in late trading Tuesday, slipping 0.3 percent to $53.53.

By Matt Townsend; Editors: Nick Turner, Jonathan Roeder and Lisa Wolfson.

© 2022 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Financial Markets
A financial lens on the ebb and flow of the fashion sector.


Kanye and Adidas, Johnny Depp and Dior: celebrity marketing can be a minefield as well as a goldmine — and social media has raised the stakes.



view more

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
The Complete Guide to Managing Markdowns
© 2023 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy and Accessibility Statement.
The Complete Guide to Managing Markdowns