Sports equipment manufacturer Nike on Monday released better than expected quarterly results, driven by strong growth in North America, but said it continues to face supply difficulties.
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The Beaverton (Oregon) group generated $ 11.35 billion in sales, above the 11.25 expected. The increase over one year, or 1%, is however clearly below the market plan of Nike, which officially expects sales growth of 5% for its entire fiscal year postponed to 2022 (from June to May). Until September, the equipment manufacturer even expected a range of 10 to 15%, before lowering it to 5%.
Revenues were boosted by North America (+ 12%), which offset the poor performance of Asia-Pacific and Latin America as a whole (-8%), but especially China, down 20% from September to November.
Hit hard this year by plant closures for several suppliers in Vietnam and Indonesia, the comma brand continues to
"navigate short-term sourcing challenges
said CFO Matt Friend. , quoted in the press release published on Monday.
A gross margin of 45.9%
Despite these logistical challenges, which often generate additional costs, the group generated, during what corresponds to the second quarter of its financial year, a gross margin of 45.9%, significantly higher than it was for the same period. last year (43.1%) and close to its level in the first quarter (46.5%).
Investors also seemed to welcome this publication, the title gaining 3.71% in electronic exchanges after the close of the stock market.
Here again, North America is proving to be the main driver of the group's profitability.
If it only weighs 39% of sales, the region accounted for 79% of the company's profits.
Nike reported net income of $ 1.33 billion, or 83 cents per share, against 63 cents expected by analysts.