Nike profits rise as China leads sales recovery
Nike has posted a jump in profits as booming sales in China offset tougher conditions in the US and Europe amid the coronavirus pandemic.
The sportswear titan recorded a 71% spike in net income to $1.4bn (£1bn) in its third quarter, covering the three months to February 28.
Total revenues across the group rose 3% to $10.4bn (£7.5bn), although sales of its eponymous Nike brand slipped 2% to $9.8bn (£7.1bn) as global container shortages, port congestion delays in the US and store closures across Europe dented its wholesale business.
Sales in Greater China surged 51% compared with a 10% decline in Nike’s native North American market.
Already have an account? Sign in here
