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Nike Inc’s third-quarter revenue rose to $10.36 billion from $10.1 billion, missing analysts' expectations of $11.02 billion, due to shipping issues and a slump at brick-and-mortar stores.
Investors were also disappointed by Nike's forecast of “low-to-mid-teens” full-year revenue growth, falling just short of the 15.9% increase in sales that analysts were expecting.
Nike said revenue from North America dropped 11 percent due to container shortages and US port congestion that held up inventory by over three weeks.
Chief Financial Officer Matthew Friend said they expect to capture this delayed revenue in the fourth quarter.
Nonetheless, Nike’s net income climbed to $1.45 billion, or 90 cents per share, in the third quarter ended Feb. 28, from $847 million, or 53 cents per share, in 2019. It beat analysts' expectations of 76 cents earnings per share.
In Europe, the Middle East, and Africa (EMEA), 45 percent of Nike-owned stores were closed for the last two months of the quarter. Only 65 percent of stores in EMEA are operating.
