Nike’s net income fell by $1.5 billion

SalesMoney Matters
Written By Jennifer Joslyn
Nike emblem with a grey swoosh against a building.

👟 Nike is feeling the pain.

The sportswear conglomerate announced new forecasts for its upcoming revenue reports after its goods continue to stockpile in warehouses across the globe. The company’s net income fell $1.5 billion by August, down 22% from the same time in 2021. Higher markdowns to get rid of the excess product alongside higher transportation costs are the source of the blame, says Nike. With consumers feeling the squeeze from the higher cost of living, it seems that they’re spending less on new shoes.

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Jennifer Joslyn
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