86 112
Fashion Jobs
STAND OUT FOR GOOD
Brand Rep (Sales Associate)
Permanent · ANN ARBOR
JCPENNEY
Asset Protection SC Manager
Permanent · CEDAR HILL
JCPENNEY
Beauty Field Manager-Bay Area
Permanent · DALLAS
JCPENNEY
Asset Protection Manager-San Antonio, TX
Permanent · SAN ANTONIO
RALPH LAUREN
Associate Manager
Permanent · HERSHEY
A & F
Abercrombie & Fitch - Assistant Manager, International Market Place
Permanent · HONOLULU
A & F
Hollister CO. - Brand Representative, Galleria at Tyler
Permanent · RIVERSIDE
FOOT LOCKER
Director of Safety (Supply Chain)
Permanent · CAMP HILL
LEE
PT Keyholder, Estero, FL
Permanent · ESTERO
URBN
Free People: Merchandise Planning Manager
Permanent · PHILADELPHIA
URBN
Free People: Senior Merchandise Planner
Permanent · PHILADELPHIA
KOHLS
Operations Supervisor - Weekend Overnights
Permanent · EDGEWOOD
KOHLS
Full-Time Loss Prevention Officer
Permanent · SOUTH BURLINGTON
ADIDAS
Key Account Manager: Athletic Footwear
Permanent · PITTSBURGH
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · GOSHEN
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · NAPLES
KOHLS
Shift Leader/Operations Manager - Weekend Night Shift
Permanent · PATASKALA
AMERICAN EAGLE OUTFITTERS
Aerie - Merchandise Leader (Part-Time) - us
Permanent · POOLER
AMERICAN EAGLE OUTFITTERS
ae - Merchandise Leader (Part-Time) - us
Permanent · MURFREESBORO
AMERICAN EAGLE OUTFITTERS
Aerie - Merchandise Leader - us
Permanent · KAPOLEI
NAVY EXCHANGE
Buyer (Level i) - Beauty Care
Permanent · VIRGINIA BEACH
NAVY EXCHANGE
Buyer (Level i) - Pet
Permanent · VIRGINIA BEACH
By
Reuters API
Published
Jun 28, 2022
Reading time
2 minutes
Download
Download the article
Print
Text size

Nike revenue beats as Europe demand overshadows China sales slump

By
Reuters API
Published
Jun 28, 2022

Nike Inc beat estimates for quarterly revenue on Monday, as strong demand for its athletic apparel and sneakers in Europe helped the company counter lower sales in China following pandemic-related lockdowns in the country.


Nike


The company's shares rose about 1% to $111.80 after the bell and Nike also announced a new $18 billion class B stock repurchase plan.

Affluent customers remain largely unaffected by decades-high inflation and are splurging on higher-priced products, helping Nike sustain a pandemic-induced boom in athletic wear sales.

The company's sales in Europe, Middle East & Africa rose 9% to $3.25 billion in the reported quarter. Sales in Greater China fell 19%, hurt by strict COVID-19 lockdowns.

Analysts are mixed about the company's prospects in China this year even as pandemic-related restrictions have been lifted in several major cities, as people cut down on spending and a penchant for home-grown brands such as Li Ning and Anta remains firm.

Nike reported fourth-quarter revenue of $12.23 billion, beating estimates of $12.06 billion, according to IBES data from Refinitiv.

"It is hard to argue that Nike does not have strong demand for its products," BMO Capital Markets analyst Simeon Siegel said, adding that the company's consumers could now be "taking a post-pandemic breather".

The company's net income fell to $1.44 billion, or 90 cents per share, in the quarter ended May 31, from $1.51 billion, or 93 cents per share, a year earlier.

Nike recorded a charge of about $150 million related to its decision to exit Russia and transition of business models in a few South American countries.

The company said its inventories rose 23% to $8.4 billion as more of its products remain in transit due to ongoing global supply chain disruptions.

© Thomson Reuters 2024 All rights reserved.