Nike, Inc. earned $1.44 billion, or 90 cents a share, in the three months ended May 31, 2022, compared to $1.51 billion. dollars, or 93 cents, during the comparison period, versus expectations of 81 cents a share.
While the company's revenues fell at 12.23 billion dollars from levels of 12.34 billion dollars a year ago, compared to expectations of 12.06 billion dollars, CNBC Arabia reported.
The company confirmed that demand for footwear and sportswear was largely consistent in the last quarter of the company's financial year despite the Corona-related closures in China. However, she noted that challenges such as high transportation costs and long shipping times remain.
Nike's sales in North America, the company's largest, fell 5% to $5.11 billion. Sales in China also decreased by 19% to 1.56 billion dollars.
The company said its board of directors this month approved a four-year, $18 billion share buyback program that would replace the current $15 billion program that ends in next fiscal year.