All eyes on Nike as it reports Q2 earnings

All eyes will be on Nike today as the footwear giant reports its Q2 earnings. The Oregon-based company last week announced its acquisition of a digital footwear maker RTFKT, its official foray into the metaverse. It remains to be seen if it will be a trend and prove to be a significant revenue channel.

Nike’s sales have not fully recovered from the pandemic, with CFO Matthew Friend stating supply chain issues have impacted demand.

Nike’s fiscal first-quarter sales grew to 12.25 billion dollars from 10.59bn dollars compared to a year earlier but were short of analysts’ expectations of 12.46bn dollars.

Second quarter earnings are expected to be below 2019 levels, but the company may raise its outlook with investors looking to the long term.