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.
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.
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Nike and Adidas Supplier Suspends Production at Vietnam Plant Due to Covid
Joan Kennedy is Editorial Associate at The Business of Fashion. She is based in New York and covers beauty and marketing.
Fast-growing start-ups like Hettas, Saysh and Moolah Kicks created sneakers designed specifically for active women. The sportswear giants are watching closely.
The companies agreed to cap credit-card swipe fees in one of the most significant antitrust settlements ever, following a legal fight that spanned almost two decades.
In an era of austerity on Wall Street, apparel businesses are more likely to be valued on their profits rather than sales, which usually means lower payouts for founders and investors. That is, if they can find a buyer in the first place.
The fast fashion giant occupies a shrinking middle ground between Shein and Zara. New CEO Daniel Ervér can lay out the path forward when the company reports quarterly results this week.