EARNINGS for the Portland-based sneaker and apparel giant got a big boost in the third fiscal quarter of 2022, as Nike Inc. reported $10.9 billion (or around P570 billion) in revenues for the three-month period ending February 28.
This is a 5 percent increase over the same period last year.
Digital sales rocketed up 22 percent, showing off Nike’s muscle in the e-commerce field. But the easing of pandemic restrictions also meant that sales from Nike-owned stores climbed 14 percent.
Shares of the Swoosh rose 2.2 percent after the release of the report, said Reuters.
Demand is outpacing supply for Nike
“Marketplace demand continues to significantly exceed available inventory supply, with a healthy pull market across our geographies,” said Matt Friend, the company’s executive vice president and chief financial officer, in a statement.
Last year, Nike suffered through a “snarl” of supply chain problems, as Wall Street Journal described it. The release of the financial report — which showed glowing results across the top and bottom line — showed that Nike had surmounted these manufacturing obstacles, and is now poised to take advantage of a “surging demand for sports shoes and apparel,” writes Reuter’s Uday Sampath Kumar.
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