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Live news: Inflation hits Cheerios maker General Mills’ earnings

Solid sales for Nike in the US and Europe helped offset the pandemic-related challenges in China and Asia-Pacific in the second quarter and supported an improved performance forecast for the sportswear maker.

Nike said Monday it continued to manage the impact of supply chain disruptions on the market, but CEO John Donahoe said the company was generally “in a much more competitive position today than it was 18 months ago.”

Those supply chain disruptions were most noticeable in Asia, with the US-based company reporting that revenues in China and the Asia-Pacific and Latin America regions declined “largely due to lower levels of available inventory due to Covid.” -19-related factory closures”.

While these shutdowns hurt the company’s entire portfolio, management said North America and Europe, the Middle East and Africa saw growth due to “higher levels of in-transit inventory entering the second quarter.”

Beijing residents pass a Nike store in the Chinese capital © Nicolas Asfouri/AFP via Getty Images

Three months ago, Nike spoke of the “steady normalization” of brick-and-mortar retail as pandemic-era restrictions eased, but this was before the latest wave of measures a growing number of countries have taken in recent weeks to contain the spread of the Omicron variant. from coronavirus.

Overall, Nike reported revenue of nearly $11.36 billion in the three months ended November 30. That was 1 percent more than a year ago, excluding currency movements, but was about $100 million higher than what analysts predicted in a Refinitiv survey.

Net income of $1.34 billion, up 7 percent from a year ago, beat Wall Street’s median forecast of $1.01 billion.

Nike’s direct-to-consumer channel revenue rose 8 percent in the second quarter from a year ago. That was led by North America, where the company said it had record sales for Nike Direct during the Black Friday week around the US Thanksgiving holiday.

Nike shares rose 4.8 percent in after-hours trading Monday.

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