Business at Nike, the world's largest sporting goods manufacturer, is going well despite global inflation and recession concerns.
In the three months to the end of November, sales rose 17 percent year-on-year to $13.3 billion, the Adidas rival announced yesterday after the US market closed in Beaverton. Net income stagnated at around $1.3 billion, but significantly exceeded market expectations.
The stock initially rose more than 6 percent in after-hours trading. However, the high price increases and customers' reluctance to buy have not left Nike untouched either. Inventory levels increased by 43 percent compared to the same period last year.
The group is now sitting on unsold goods worth $9.3 billion. Things also continued to be difficult for Nike in China, where the government's "Zero Covid" policy slowed down business.