Nike sells more than 12 billion euros worth of shoes and clothing

2023-09-29 03:26:38

29 sep 2023 om 05:26

Nike generated more turnover in the first quarter of its broken financial year than in the same period last year. Consumers in Europe, the Middle East and Africa, but also in the Asia-Pacific region and Latin America, in particular, spend more on branded shoes and clothing.

Nike’s revenues rose 2 percent to nearly $13 billion in the three-month period ending August 31, or about 12.3 billion euros. However, in North America, sales fell by 2 percent. That market accounted for $5.4 billion of total sales. In other parts of the world, sales rose to 8 percent. The bottom line was a total net profit of almost $1.5 billion, 1 percent less than a year earlier. This decrease can be attributed, among other things, to increased sales costs.

Furthermore, Nike saw its stocks shrink. These had a total value of $8.7 billion in the past quarter, 10 percent less than in the same period last year. That’s more than analysts expected and appears to be a sign that the company is making progress in replacing older products with newer, more profitable ones. To get rid of its stock, Nike has offered discounts. This also had an impact on the company’s profitability.

Nike’s results help investors gauge where the company is heading. The company has already lost more than a fifth of its stock market value this year. Concerns about the Chinese economy, which is a key market for Nike, have only fueled investor concerns. But income from shoe and clothing sales also increased there.