Portugal Colonial - Strong pricing boosts Nike results despite China hit

NYSE - LSE

CMSC	-0.12%	21.45	$
VOD	1.22%	16.42	$
RELX	-0.7%	34.43	$
BCE	0.64%	23.47	$
RBGPF	0%	71.34	$
RYCEF	0.62%	20.84	$
RIO	-0.43%	95.68	$
NGG	-0.19%	81.05	$
BTI	-0.51%	57.06	$
GSK	-0.97%	49.52	$
CMSD	-0.05%	21.58	$
BCC	-1.07%	83.24	$
JRI	0.5%	12.61	$
AZN	-0.5%	156.45	$
BP	0.52%	42.53	$

Strong pricing boosts Nike results despite China hit

SPORTS 21.03.2022

Strong product pricing helped Nike offset a hit from lower sales in China, enabling the sporting goods giant to report better-than-expected quarterly profits on Monday.

Text size:

The apparel and sneaker company scored increased sales in three of its four operating regions, led by Asia Pacific/Latin America and North America, the company's biggest source of revenues.

Nike said its gross profit margin increased from the same period of last year due to more full-priced sales, partly offset by elevated freight and logistics costs.

But revenues fell five percent in Greater China to $2.2 billion. The region -- which has seen activity constrained by Beijing's "zero tolerance" policy on Covid-19 -- also saw the biggest drop in profits before interest and taxes.

The company reported total profits of $1.4 billion for the quarter ending February 28, down four percent from the prior year, even as revenues rose five percent to $10.9 billion.

Shares of Nike jumped 5.9 percent to $137.85 in after-hours trading.

E.Ramalho--PC

Portugal Colonial - Strong pricing boosts Nike results despite China hit

Strong pricing boosts Nike results despite China hit

Featured

Belgium's Pocognoli appointed new Scotland manager

Marchand storms to second gold of European championships

Villarreal battle back to earn draw at promoted Racing

Real Madrid crush Schalke in friendly as Diomande debuts