Strong online sales and demand from Chinese shoppers and students heading back to school are expected to have helped Nike swing back to a profit in the first quarter, a sequential improvement from the surprise loss it posted in July, according to Refinitiv.
CHICAGO - Strong online sales and demand from Chinese shoppers and students heading back to school are expected to have helped Nikeswing back to a profit in the first quarter, a sequential improvement from the surprise loss it posted in July, according to Refinitiv.
In the first quarter, 12% of all footwear on Nike.com featured new types of sneakers and shoes, versus 10% in the prior quarter, according to apparel data firm StyleSage. The company sold out 17% of all footwear this year, compared with 6% in the fourth quarter, showing improvements in customer demand and investment in new items online. Online sales for Nike clothing show a similar trend.
Particularly in North America, sales in the global athletic footwear and apparel industry have picked up, and Nike will get a boost from the new back-to-school dynamic, said Wedbush analyst Christopher Svezia. To save costs and target investment online this year, the company said in July it would cut corporate jobs starting Oct. 1 and end nine major retail contracts, including deals with department store Dillard's and Amazon.com-ownedshoe retailer Zappos. Nike in July scrapped plans to open a major shoe plant in Arizona in favor of investments elsewhere.
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