By Yasin EbrahimInvesting.com - Nike reported Monday fiscal second-quarter earnings that topped Wall Street analysts as strength in North America offset weakness in China as Covid-led store closures weighed on sales in its key Asia market. That topped analysts' estimates for EPS of 63 cents on revenue of $11.25 billion. Nike brand digital sales increased 12%, or 11% on a currency-neutral basis, as 40% growth in North America helped offset weakness in China "largely due to lower levels of available inventory resulting from COVID-19 related factory closures," the company said. Sales in China, the company’s main market, decreased 20%, to $1.84 billion. Gross margin increased 280 basis points to 45.9%, led by margin expansion in the company;'s direct to consumer business following lower markdowns, and a higher mix of full-price sales.

Source: The North Africa Journal December 20, 2021 21:37 UTC