Nike profits rise as China leads sales recovery

Nike House Of Innovation store

Nike has posted a jump in profits as booming sales in China offset tougher conditions in the US and Europe amid the coronavirus pandemic.

The sportswear titan recorded a 71% spike in net income to $1.4bn (£1bn) in its third quarter, covering the three months to February 28.

Total revenues across the group rose 3% to $10.4bn (£7.5bn), although sales of its eponymous Nike brand slipped 2% to $9.8bn (£7.1bn) as global container shortages, port congestion delays in the US and store closures across Europe dented its wholesale business.

Sales in Greater China surged 51% compared with a 10% decline in Nike’s native North American market.

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