The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Nike Inc fell short of Wall Street estimates for third-quarter revenue on Thursday, as higher online demand failed to make up for a slump in sales at brick-and-mortar stores during the COVID-19 pandemic.
Rising COVID-19 infections in Canada and Europe and ensuing restrictions affected sales at retail stores in the quarter, even as Nike and its rival Adidas double down on their online channels.
Low shipping container availability and congestion issues at major US ports have also been limiting the flow of goods into the United States, affecting sales at major apparel sellers.
The company’s shares fell 4 percent in extended trading after gaining about 40 percent in 2020.
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Nike’s net income rose to $1.45 billion, or 90 cents per share, in the third quarter ended Feb. 28, from $847 million, or 53 cents per share, a year earlier.
The world’s largest sportswear maker said revenue rose to $10.36 billion from $10.1 billion, while analysts on average had expected $11.02 billion, according to IBES data from Refinitiv.
By Praveen Paramasivam
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.