Nike revenue beats as Europe demand overshadows China sales slump

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Nike beat estimates for quarterly revenue on Monday, as strong demand for its athletic apparel and sneakers in Europe helped the company counter lower sales in China following pandemic-related lockdowns in the country.

The company's shares rose about 1 per cent to US$111.

Nike recorded a charge of about US$150 million related to its decision to exit Russia and transition of business models in a few South American countries.

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Article Details

Category: Economy

Topics: Sales Nike Billion Cent China Estimates Company Rose Products People Mediacorp

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-28, 04:58:00

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Reading Time: 3 minutes read

Article Length: 413 words

Coverage Area: Singapore

Availability: Desktop Web, Mobile Web

News ID: 16800

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About Channel News Asia

Main Topics: Economy

Official Website: channelnewsasia.com

Update Frequency: 57 posts per day

Year Established: 1999

Headquarters: Singapore

News Last Updated: 2h ago

Coverage Areas: Singapore

Ownership: Independent Company

Publication Timezone: GMT +8:00

News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #27

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