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。

欧洲病夫?德国企业老板针对高病假率发出警告

一项研究称,如果不是因为病假率高于平均水平,德国经济去年将增长0.5%,而非收缩0.3%。

依视路陆逊梯卡估值达千亿欧元,押注眼镜将取代智能手机

该眼镜巨头的首席执行官米莱里表示,与Meta公司合作开发的可穿戴技术将促进增长。

朝鲜向俄派兵后,韩国考虑直接援乌武器

韩国认为,朝鲜向俄派兵和可能的俄朝技术转让对韩国的安全构成直接威胁。

再次陷入危机的大众汽车能走上改革之路吗?

欧洲最大的汽车制造商正与工人和政界人士交战,试图渡过痛苦的电动汽车转型期。

哈里斯的另一个大选对手:通货膨胀

美国选民对高昂生活成本的不满可能决定下周谁将赢得白宫。

Lex专栏:Meta和微软通过季度理智检查

科技巨头今天吹捧真正的胜利,以证明明天的巨额投资是合理的。投资者对此是支持的,但程度有限。
设置字号×
最小
较小
默认
较大
最大
分享×