Nike Inc. reported third-quarter revenue that missed analysts estimates after supply-chain challenges hurt sales in North America, its biggest market.
- Revenue amounted to $10.4 billion in the period ended Feb. 28, below analysts projections of $11 billion. Sales in China, meanwhile, were better than expected.
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- The recovery has been uneven for Nike around the world. North American revenue declined 10%, partly because U.S. port congestion kept products from arriving quickly enough.
- Sales in China, where the virus has receded, jumped 51%.
- Nike drew the ire of sneakerheads in recent weeks when Bloomberg Businessweek revealed that the son of a top executive had a burgeoning footwear resale business. Ann Hebert, Nikes head of North America, left the company and was replaced by Sarah Mensah, who previously ran the Asia Pacific and Latin America division.
- Nike shares dipped in late trading after the results were released but rebounded. The stock had been up 1.2% this year through the close.
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