Nike reported increased quarterly profits on higher sales in North America amid strong pricing on Monday, even as supply chain woes in Asia dented results in China and other markets.
The sports giant, which had warned previously of a drag from elevated shipping costs as well as outages at key Asian factories due to Covid-19 restrictions, said results in North America and the Europe-Middle East-Africa region benefited from higher levels of inventory already in transit at the start of the quarter.
Results were also lifted by stronger pricing and fewer promotions, with "inventory supply significantly lagging demand," as Chief Financial Officer Matt Friend put it, while confirming a full-year sales forecast. Friend said the company's Vietnam factories began reopening in October and have seen steady employee attendance improvement. Production now stands at 80 percent of pre-closure volumes.
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