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Nike Inc. revealed on Monday, March 21 that it experienced a lot of problems related to manufacturing in the last six months. But then, it was able to overcome the issues, and all of those are now behind them, and sales are good again.
Nike plans to take advantage of the growing demand for athletic apparel and sneakers, so its sales will continue to surge as well. With these good results, the company shared that it was able to beat the Q3 revenue and profit estimates. Its shares also increased 5.9% to $137.90 in extended trading, as per Reuters.
The footwear and sports apparel manufacturing company was referring to the pandemic-related issues that it faced last year, which caused its sales to decline. Nike was forced to shut down its plant in Vietnam, where almost 50% of its sneakers are produced.
It took a while before the company could re-open the factory and the sluggish return to the normal level of production caused a shortage of Nike's shoes, Converse sneakers, and Jordans in most markets. Apparently, the lack of shoe supply or shortage also means fewer sales.
This week, Nike said that all of its manufacturing factories in Vietnam are now operating normally. The footwear and apparel that are being made have now reached the pre-closure volumes, and this was confirmed by the brand's chief financial officer, Matthew Friend.
Another issue that Nike faced was the shipping as it slowed down Nike's deliveries, especially in North America, where transportation was said to have worsened. But the shipment delays have also improved now thus the company's revenue report for the third quarter showed a nine percent increase. Likewise, these issues were resolved, and with the return of school sports and higher demand for sneakers and athletic wear, Nike's sales are all better now.
"NIKE's strong results this quarter show that our Consumer Direct Acceleration strategy is working, as we invest to achieve our growth opportunities," Nike Inc. president and chief executive officer, John Donahoe, said in a press release. "Fueled by deep consumer connections, compelling product innovation and an expanding digital advantage, we have the right playbook to navigate volatility and create value through our relentless drive to serve the future of sport."
