Nike earnings boosted by strength in North America, good pricingStrong sales in North America helped Nike report higher profits despite a hit from ChinaNEW YORK: Nike reported increased quarterly profits on higher sales in North America amid strong pricing on Monday, even as supply chain woes in Asia dented results in China and other markets. The boom in North America follows investments in direct selling to consumers that includes new facilities on the East and West coasts of the United States and some 1,000 robots in distribution centers to handle online orders, executives said. Results were also lifted by stronger pricing and fewer promotions, with "inventory supply significantly lagging demand," as Chief Financial Officer Matt Friend put it, while confirming a full-year sales forecast. But sales fell in both Greater China and the Asia Pacific & Latin America divisions, with Nike citing "lower levels of available inventory resulting from Covid-19 factory closures." "Compared with 90 days ago, we're increasingly confident supply will normalize into fiscal 2023," Friend said.

Source: The North Africa Journal December 21, 2021 04:12 UTC