NIKE, Inc. (NKE) reported better-than-expected second-quarter results as the sports apparel retailer as the retailer continued to focus on cutting ties with retail partners in order to focus on its own stores. Dealing with tight inventories due to supply-chain issues, the sportswear giant is looking to prioritize its namesake stores and online sales.
Nike announced its products would no longer be available at one of America’s largest shoe-store chains, DSW starting next year. In 2019, Nike ended a partnership with Amazon. In September, Nike CFO Matthew Friend informed that the company had over the last three years exited about 50% of its retail partnerships.
Nike reported diluted earnings per share of 83 cents, 6% above the year-ago period, and exceeding estimates of 63 cents a share. Sales stood at $11.4 billion, 1% higher, but were flat on a currency-neutral basis, vs. last year. Nike reported direct sales of $4.7 billion, up 8% on a currency-neutral basis. Nike Brand Digital sales increased 11% on a currency-neutral basis, driven by 40% growth in North American sales.
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.