Beaverton, Oregon – Global footwear giant Nike generated total sales of $10.4 bn in the third quarter of 2021. This is up almost 3% on the same period last year. EBIT across the business rose by 33% to $2bn in the third quarter of 2021.
Third quarter sales in 2021 were hit by coronavirus disruption in North America and EMEA. North American sales fell by 11%, driven by shortages of containers and congestion at US ports. These factors combined to delay shipments by three weeks. This was partly offset by a 15% increase in online sales in the region. However, inventories were valued at $6.7bn in the quarter up 15%
In Europe, physical sales were down by 45% in the quarter as stores were shut to comply with coronavirus lockdown regulations. Digital sales increased by 60%.
Margins improved as the company was selling more of its products directly to consumers, at higher prices than it gets overall from its wholesale clients. It also spent less on operating overheads because pay and bad debts fell. It also managed expenses more tightly.