Shoggi Ezeizat

Nike profits down on higher costs

Published by Hurriyet on Thu, 03/23/2023 - 05:00

Alamy Photo

Nike reported better than expected earnings on March 21 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 February, down 11 percent from the year-ago period, while revenues picked up 14 percent to $12.4 billion.