Nike earnings jump despite supply glut

By Agence France-Presse

Dec 22, 2022 12:42 am

NEW YORK CITY: Nike shares soared on Tuesday after it reported better-than-expected financial results despite a hit to profit margins from heavy discounting because of excess inventory.

The sports giant has been one of several prominent brands to flag a supply glut, a dynamic that has forced especially generous promotions on some goods, especially apparel that is out of season.

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