Nike profit up, but revenue falls short of expectations as congested U.S. ports delayed shipments

(Reuters) – Nike Inc’s third-quarter profit gained but revenue fell short of Wall Street estimates on Thursday, as it grappled with supply chain problems in North America and a slump in sales at brick-and-mortar stores that were shut due to the COVID-19 pandemic. The world’s largest sportswear maker said revenue rose to $10.36 billion from $10.1 billion, while analysts on average had expected $11.02 billion, according to IBES data from Refinitiv. Nike’s net income nonetheless climbed to $1.45 billion, or 90 cents per share, in the third quarter ended Feb. 28, from $847 million, or 53 cents per…

Read More

HEDGE accordingly