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Nike Lowers Sales Forecast on Supply Chain Woes

Nike lowers sales forecast on supply chain woes. Shutterstock.

The sportswear giant reported net income grew to $1.87 billion in its first quarter from $1.52 billion a year earlier, beating analyst estimates. Revenue rose 16 percent to $12.2 billion, falling short of the average forecast. Digital sales were a bright spot, rising 29 percent year on year.

Nike also said it had lowered its outlook for its current fiscal year, as supply chain problems ranging from Covid-related factory closures in Vietnam (where the company produces about half of its shoes) to congestion at major ports were expected to take a bigger bite out of sales than previously expected. Shares dropped nearly 4 percent in after hours trading.

Learn more:

Nike and Adidas Supplier Suspends Production at Vietnam Plant Due to Covid


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