Nike quarterly results highlight how some U.S. brands have too much inventory at home and in markets like China, where the companies have placed big financial bets.
The sneaker giant on Thursday said revenue from China in the August quarter fell 16% to $1.65 billion, citing Covid-19 lockdowns in different cities hurting store traffic.
The announcement came as the company posted weaker quarterly profit and soaring inventory levels, two developments that helped send its shares down about 13% Friday.
