Nike beat estimates for quarterly revenue on Monday, as strong demand for its athletic apparel and sneakers in Europe helped the company counter lower sales in China following pandemic-related lockdowns in the country.
Affluent customers remain largely unaffected by decades-high inflation and are splurging on higher-priced products, helping Nike sustain a pandemic-induced boom in athletic wear sales. Analysts are mixed about the company's prospects in China this year even as pandemic-related restrictions have been lifted in several major cities, as people cut down on spending and a penchant for home-grown brands such as Li Ning and Anta remains firm.
"It is hard to argue that Nike does not have strong demand for its products," BMO Capital Markets analyst Simeon Siegel said, adding that the company's consumers could now be"taking a post-pandemic breather".
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