Nike is one of the largest clothing apparel brands in the world. After the pandemic, Nike was facing low sales and revenue. However, on Thursday Nike reported its fiscal fourth-quarter earnings. Nike made the largest revenue in its largest market North America. Nike expected a profit of 51 cents in its fourth-quarter but the profit rose to 90 cents per share. Similarly, it has expected a profit of $11.01 billion dollars and made a profit of $12.34 billion.
During the time of the pandemic, Nike sales were decreased as shops, malls, and stores were closed. It has also impacted the global supply chain. This has affected a lot in its revenue in 2020. But, now Nike has seen a huge surge as the economy is started recovering all across the world. Similarly, it has also seen a huge boost in its wholesale business that was badly impacted by the pandemic earlier.
Read More: Financial markets are moving into a new era
Some of the major wholesale partners of Nike include Foot Locker, Dick Sporting Goods, and JD sports. North America is the largest market for Nike. There it has doubled its sales and revenue compared to the previous year. Its sales doubled to $5.38 billion in whole North America. Similarly, China is another big market for Nike Clothes and Apparel. There also it has seen 17% more sales and a profit of $1.93 billion. China is also one of the fastest-growing markets for Nike as well. Nike problem with Chinese customer ,In recent days Nike is having a problem with china. Earlier Nike has expressed its concern over Forced labor. After, this customer in china threatened to Boycott Nike and some of the popular western Clothing brands. “It’s been nearly 40 years that we’ve been working in china serving customers with the best and quality product we can. We are also looking different ways to provide different service to people of China”
Follow us on Google News Asia Times Now page for faster updates.