Nike’s Sales Revenue dropped by 10% during the year due to the US Port Congestion issue. Congested ports and the closure of stores across Europe weighed on Nike’s sales revenue during its fiscal third quarter, the company asserted on Thursday. Although the States growth of Nike previously affected by the congestion is now seeking a return to the top of the charts in the sales revenue.
Nike’s Sales Revenue hit a staggering low amid the global health crisis going on across the world. The company expects the sales to rise gradually in April as the restriction in the majority parts of Europe eases down. Nike’s earnings per share got more value during the quarter that ended on Feb 28. The upsurge Nike received on the e-commerce platforms over the past few months has been engaging.
Nike offered an outlook for the current quarter and the fiscal year that anticipates inventory transmit times will improve gradually over in North America, after suffering a mounting downfall of 9.7% in revenue year-by-year.
Fourth-quarter sales are expected by the company to be up 75% year over year, as the company laps a period when 90% of its owned stores were shut due to the pandemic.