Adds particulars on outcomes, share worth
Adds particulars on outcomes, share worth
March 18 (Reuters) – Nike Inc NKE.N fell wanting Wall Road estimates for third-quarter income on Thursday, as increased on-line demand did not make up for a stoop in gross sales at brick-and-mortar shops throughout the COVID-19 pandemic.
Rising COVID-19 infections in Canada and Europe and ensuing restrictions affected gross sales at retail shops within the quarter, whilst Nike and its rival Adidas ADSGn.DE double down on their on-line channels.
Low delivery container availability and congestion points at main U.S. ports have additionally been limiting the circulation of products into the US, affecting gross sales at main attire sellers.
The corporate’s shares fell 4% in prolonged buying and selling after gaining about 40% in 2020.
Nike’s internet earnings rose to $1.45 billion, or 90 cents per share, within the third quarter ended Feb. 28, from $847 million, or 53 cents per share, a yr earlier.
The world’s largest sportswear maker mentioned income rose to $10.36 billion from $10.1 billion, whereas analysts on common had anticipated $11.02 billion, in response to IBES knowledge from Refinitiv.
(Reporting by Praveen Paramasivam in Bengaluru)
(([email protected];))
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.