The Clap Nike (NYSE:NKE) reported revenues of $13.32bn and an EPS of 85 cents, beating analysts’ expectations on both the top and bottom lines.
What Nike reported a 17% YoY increase during the fiscal Q2 2022 compared to the previous year, while the company’s net income remained almost unchanged compared to the same period in the previous year.
Despite the strong earnings results, Nike has been burdened with inflated inventories that resulted from supply chain disruptions, changes in consumer demand, and shipping delays.
So What Nike boosted their promotional strategy to eliminate excess inventory that was eating away from its profits. Inventories were up 42% during the quarter alone compared to the company’s fiscal Q2 2021.
Now What Nike recently announced a new store in Torino, Italy called “Jordan World of Flight Milan,” a unique shopping experience for consumers with lounges and tailored interactive shopping experiences.