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Q3 results fell short of the mark for Nike

Miguel A. Rodriguez
Miguel A. Rodriguez
24 marzo 2021
US port congestion and truck drivers shortage hurt Nike's sales

In the third quarter of 2021, Nike reported an EPS of 90 cents per share, on revenues of $10.36 billion. While the EPS topped the 76 cents expected, the same cannot be said about the revenue, which failed to reach the $11.02 billion forecasted.

The US's revenue came in 10% lower than the same period last year because of the shipment delays that the company said have been dragging for more than three weeks. The delays also affected its partners, department stores and outlets. However, Nike is not the only company to have such issues. Peloton, Nordstrom, and Urban Outfitters are hurt by the truck driver shortage in the US and the container shortage in West Coast ports.

On the other side of the world, in Greater China, sales climbed 51%. In Europe, the Middle East, and the Africa region, same-store sales fell considerably due to restrictions and closures, but on the other hand, online sales surged 60% in the past three months.

For the future, Nike expects its sales to go up 75% year-over-year. The analysts are forecasting a 64.3% increase.

Following the mixed news, Nike stock price lost 4% in pre-market trading.







Miguel A. Rodriguez
Miguel A. Rodriguez

Miguel ha lavorato per importanti istituzioni finanziarie, come Banco Santander e Banco Central-Hispano. È autore di libri sul trading di valuta con diverse pubblicazioni alle spalle.