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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    details.

Key Insights

  • 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.

Market Reaction

  • 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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