A man walks in front of a display of Nike products, on February 22, 2021 in New York City.
John Smith Corbis News | Getty Images
Nike announced quarterly sales Thursday that missed the mark, as widespread port congestion in the U.S. and continued store closures in Europe were linked to the outbreak on products.
The seller has not yet offered a view for the full year.
Its shares were down nearly 2% in after-hours trading.
Here ‘s what Nike did in the quarter to the end of February 28, compared to what analysts had expected, based on a study by Refinitiv:
- Earnings per installment: 90 cents vs 76 cents expected
- Revenue: $ 10.36 billion vs. $ 11.02 billion expected
Nike reported net income of $ 1.45 billion, or 90 cents per share, compared to $ 847 million, or 53 cents per share, a year earlier. That was better than the 76 cents per share that analysts had expected, based on Refinitiv data.
Total sales rose to $ 10.36 billion from $ 10.1 billion a year earlier. That was lower than the $ 11.02 billion forecast by analysts.
In North America, revenues fell 10% year-over-year, hurt by loading delays that Nike said have been slowing forward for more than three weeks. That also meant that sales at its wholesale partners were affected.
In Europe, the Middle East and Africa, Nike reported that sales at its corporate retail stores fell due to closures and pandemic-related restrictions, while digital sales in these markets grew by 60%. . They said about 60% of their stores are in the open sector today, with some working on reduced hours.
Nike’s direct-to-consumer business grew 20% year-over-year, to $ 4 billion. And online sales for the Nike brand were up 59%, as consumers looked to add new sneakers and athletic gear to their wardrobes.
Nike shares are up more than 110% over the past 12 months, as the market closes Thursday. It has a market potential of over $ 225 billion.
Find the press release from Nike here.
This story is evolving. Please check back for updates.