The Most Important Number in Nike's Earnings Report
Nike (NYSE: NKE) shares sold off after its latest earnings report as supply chain issues weighed on third-quarter results.
Revenue in the quarter rose just 3% to $10.4 billion, missing estimates at $11.02 billion, and declined in all of its operating regions except for China, where sales spiked as it lapped the impact of the COVID-19 pandemic in the December to February period.
Nike cited "supply chain challenges, including global container shortages, and U.S. port congestion," for the decline in North America, while mandated store closures cooled off performance in the EMEA (Europe, Middle East, and Africa) region.
Source Fool.com
