Nike/China: consumer market is yet to fully open - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
中国经济

Nike/China: consumer market is yet to fully open

Don’t take the easing of pandemic restrictions as a sign that the country is returning to normality

China’s decision to announce a significant easing of Covid-19 restrictions will cheer multinationals. The decision to cut quarantine times for inbound travel by half will come as a relief to residents and business groups. Just don’t take this change as a sign that China is close to returning to normal.

Companies that trumpet confidence in a quick rebound for the world’s largest consumer market are being overly optimistic. China’s determination to stick to its zero-Covid policy means mass testing, quarantines and lockdown measures will continue. Earlier this month, multiple neighbourhoods in Shanghai were placed under lockdown just one day after city-wide restrictions were lifted.

Downbeat earnings guidance issued by sportswear giant Nike is likely to be replicated by more consumer companies in the weeks to come.

Nike shed nearly $10bn in market value on Tuesday following first-quarter and full-year forecasts that came below expectations. Although Greater China accounted for just under a fifth of Nike’s sales in 2020, the country is one of the company’s most profitable markets, generating almost half of group earnings before interest and taxes that year.

China’s lockdowns have hit more than just Nike’s sales in the country. These fell 19 per cent in the fiscal fourth quarter that ended on May 31, while ebit from the region slumped 55 per cent. Factory and warehouse shutdowns have also created supply chain issues in other markets, pressuring margins and driving up costs.

For Nike, the problems in China exacerbate a host of existing issues. These range from the strong dollar to higher input and freight costs and the fear of a looming recession in the US. This is reflected in the 36 per cent drop in the share price this year. China’s middle-class consumers will remain an important source of growth for the world’s consumer goods companies. But recovery will take years, not months.

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

令人大开眼界的时间测量新科学

在科罗拉多州没有窗户的实验室里,摆放着20台原子钟,全世界都在用它们来计时。它们几乎跟不上。

特朗普政府财政部长之争的内幕

贝森特在当选总统的宫廷内部经过激烈的影响力争夺战后获胜。

比特币和香蕉成为新的炫耀性消费品

两者都加入了无用物品的精英世界,价格越高越受欢迎。

Bluesky趁X用户流失迅速崛起,Threads未能抓住机会

在X遭遇大量用户流失之际,Meta旗下的Threads却将机会让给了只有20个员工的Bluesky。

拜登希望通过卸任前的政策突击保护自己的政治遗产不被特朗普破坏

即将离任的总统为乌克兰进行最后的推动,并寻求新的司法任命和制造业补贴。

高盛因投资北伏而损失9亿美元

这家美国银行是本周申请破产保护的瑞典电池制造商的第二大股东。
设置字号×
最小
较小
默认
较大
最大
分享×