Nike lowers gross sales forecast on provide chain woes. Shutterstock.
The sportswear large reported internet revenue grew to $1.87 billion in its first quarter from $1.52 billion a 12 months earlier, beating analyst estimates. Income rose 16 p.c to $12.2 billion, falling in need of the typical forecast. Digital gross sales have been a brilliant spot, rising 29 p.c 12 months on 12 months.
Nike additionally mentioned it had lowered its outlook for its present fiscal 12 months, as provide chain issues starting from Covid-related manufacturing unit closures in Vietnam (the place the corporate produces about half of its sneakers) to congestion at main ports have been anticipated to take an even bigger chew out of gross sales than beforehand anticipated. Shares dropped almost 4 p.c in after hours buying and selling.
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https://www.businessoffashion.com/information/retail/nike-lowers-sales-forecast-on-supply-chain-woes | Nike Lowers Gross sales Forecast on Provide Chain Woes