Third quarter revenues of Nike Inc fell short of Wall Street estimates as the brand grappled with supply chain problems in North America and a slump in sales at brick-and-mortar stores shut due to the COVID-19 pandemic.
As per data from Refinite, revenues of the world's largest sportswear maker rose to $10.36 billion from $10.1 billion during the year while analysts had expected them to rise to $11.02 billion.
The brand’s net income climbed to $1.45 billion or 90 cents per share from $847 million, or 53 cents per share, a year earlier. Analysts had expected income to rise to 76 cents per share.
The brand’s revenues in North America fell by 11 per cent on a currency-neutral basis where container shortages and U.S. port congestion held up inventory by more than three weeks and delayed shipments to retailers.
In Europe, the Middle East and the Africa region, 45 per cent of Nike-owned stores were closed for parts of the last two months of the quarter. Currently, 65 percent of stores in EMEA are open or operating on reduced hours,
