In North America, Nike’s largest market, sales climbed twelve percent.
(Photo: Reuters)
Chicago The US sporting goods manufacturer Nike did surprisingly well in the past quarter. Thanks to a strong North American business, Nike increased its profits year-over-year in the second quarter. Sales also increased.
Net profit rose seven percent to $ 1.34 billion, as the company announced on Monday. Sales improved one percent to $ 11.36 billion. Analysts had only expected an average of $ 11.25 billion. In North America, Nike’s largest market, sales climbed twelve percent. In after-hours trading, Nike shares rose four percent.
In September, Nike warned of the sluggish performance in the second quarter (towards the end of November) because of the weeks-long shutdown of its factories in Vietnam. In the worst case, sales could even stagnate, CFO Matt Friend said at the time. For the current financial year 2021/22 (as of the end of May), Nike is assuming mid-single-digit growth according to previous information.