NIKE, Inc. (NKE) recently released Q1 earnings which were ‘curbed’ by supply-chain issues, as manufacturing delays due to factory shutdowns in facilities in Asia continued. The sportswear giant reported revenue of $ 12.2 billion vs. $12.47 billion expected. Adjusted earnings of $1.16 cents were reported versus $1.12 cents expected. Nike Direct sales were $4.7 billion, an increase of 25% on a currency-neutral basis. Digital sales rose 29%, or 25% on a currency-neutral basis, implying the brand’s digital success with its brand strength, product innovation, and meaningful relationships with consumers. The Nike SNKRS app, a major part of Nike’s digital dominance, grew more than 130% in Q1.
“As has been the case since the start of the pandemic, I’m proud of the way our entire NIKE Inc. team has delivered through macro volatility. Over the past 18 months, we’ve demonstrated our ability to manage through turbulence to emerge even stronger and better positioned. And that’s what we’ll continue to do as we navigate through these current supply chain issues. We’ll focus on what we can control while leveraging the many levers at our disposal,” stated John Donahoe, president, and CEO of Nike said during a conference call with analysts.
NIKE, Inc. (NKE) is the world’s top designer, marketer, and distributor of athletic footwear, equipment, apparel, and accessories. The Beaverton, Oregon-based company offers products for a wide variety of sports and fitness activities. To learn more about NIKE, Inc. (NIKE) and to continue to track its progress please visit the Vista Partners NIKE Coverage Page.
