Nike Inc on Thursday cut its fiscal 2022 sales expectations and said it expects delays during the holiday shopping season, blaming a supply chain crunch that has left it with soaring freight costs and products stuck in transit.
Nike shoes are seen displayed at a sporting goods store in New York City, New York, U.S., May 14, 2019. REUTERS/Mike Segar/File Photoon Thursday cut its fiscal 2022 sales expectations and said it expects delays during the holiday shopping season, blaming a supply chain crunch that has left it with soaring freight costs and products stuck in transit.
The Beaverton, Oregon-based company's shares, which are down about 9% from their record high hit in August, fell 3.3% in extended trading after it said it now expects a mid-single-digit increase in full-year sales growth, versus the low-double-digit increase it had previously estimated. Nike said it had lost 10 weeks of production in Vietnam so far and it would take several months to ramp back to full production.
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