Nevertheless, the group sits on unsold goods in almost double-digit billions.
Business at Nike, the world’s largest sporting goods manufacturer, is going well despite global inflation and recession concerns.
In the three months to the end of November, sales rose 17 percent year-on-year to $13.3 billion (€12.5 billion), the Adidas rival announced yesterday after the US market closed in Beaverton. Net income stagnated at around $1.3 billion, but significantly exceeded market expectations.
The stock initially rose more than 6 percent in after-hours trading. However, Nike is not completely unaffected by the high price increases and customers’ reluctance to buy. Inventory levels increased by 43 percent compared to the same period last year.
The company is now sitting on $9.3 billion worth of unsold goods. Things also continued to be difficult for Nike in China, where the government’s “Zero Covid” policy slowed down business.
Source: Stern
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.
