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Article Date: September 2022
Word Count: 938

Nike Sees Margin Pressure Coming from Clearance Activity


Continued weakness in China and the strong dollar everywhere else hurt the Eager Beavertons’ fiscal first quarter, with net income falling 22% to $1,468 million from $1,874 million on 4% higher revenues of $12,687 million vs. $12,248 million that would have been up 10% constant currency. Nike brand revenues increased 4% to $12,048 million. Footwear was up 5% to $8,114 million, apparel flat at $3,434 million and equipment grew 5% to $486 million. Constant-currency direct sales were up 14%, while wholesale increased 8%. Digital sales grew 23% CC, with double-digit growth ... Log in to view full article.

 


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