Nike profits down on higher costs

By Agence France-Presse

Mar 23, 2023 12:05 am

NEW YORK CITY: Nike reported better-than-expected earnings on Tuesday in its latest quarter, supported by strong demand although higher inventory and logistics costs weighed on its margins.

The company reported profits of $1.2 billion for the three months ending in February down 11 percent from the same period a year ago while revenues picked up 14 percent to $12.4 billion.

STRONG PERFORMANCE In this file photo taken on Dec. 21, 2021 shows the Nike logo hangs above the entrance to the Nike store in Miami Beach, Florida. Nike reported better-than-expected earnings on Tuesday, March 21, 2023, of $1.2 billion for the three months ending February — down 11 percent from the same period a year ago — while revenues picked up 14 percent to $12.4 billion. AFP PHOTO

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