The corona pandemic has affected Nike’s business. With the loosening of the restrictions, however, the sporting goods manufacturer’s sales are now increasing again.
Adidas competitor Nike continues to benefit significantly from the lifting of the corona restrictions.
The sales of the sporting goods manufacturer rose in the past fiscal quarter by 16 percent to 12.25 billion dollars (10.45 billion euros). However, analysts had expected an even stronger increase to around 12.5 billion dollars. Among other things, Nike referred to longer delivery times in view of the global problems in the logistics chains. The Nike share fell in after-hours trading at times by 2.55 percent.
The bottom line was that profits in the first fiscal quarter, which ended at the end of August, rose by 23 percent to 1.87 billion dollars (around 1.6 billion euros), as Nike announced after the US market closed. In the same quarter of the previous year, the corona crisis had a significant negative impact on business.
Nike CEO John Donahoe’s strategy includes expanding direct business with consumers. Here, sales adjusted for currency fluctuations even increased by 25 percent, emphasized Nike.
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
