Nike Inc. joined a growing list of U.S. companies getting squeezed by global supply-chain disruptions stemming from the Covid-19 pandemic.
The sneaker giant on Thursday reported quarterly revenue that was below analysts’ expectations, saying sales were hindered by a global container shortage and congestion at West Coast ports that delayed the flow of inventory by more than three weeks. The company said it expects to capture the missed revenue in the current quarter.
Nike said it is still experiencing the impact of the virus from safety-related measures and lockdowns in some regions.
“While we are optimistic about the pace of vaccine distribution and how this will enable safe reopening of the global economy in the near future, the effects of the virus continue to create short-term volatility in our business performance,” finance chief Matthew Friend said on the company’s earnings call.
Nike’s revenue for the quarter ended Feb. 28 was $10.36 billion, a 2.5% increase from a year earlier. On a constant-currency basis, North American revenue declined 11%, while revenue in Greater China grew 42%
