Nike Chief Financial Officer Matt Friend told analysts on a conference call Thursday that financial results for the company’s first quarter (which ended Aug. 31) would have been better if not for supply chain congestion, according to a Seeking Alpha transcript.
Factory shutdowns have been particularly painful for Nike. Footwear factories in Vietnam remain closed by government mandate as the country tries to control COVID-19 outbreaks. Nike has already lost 10 weeks of production in Vietnam since mid-July, Friend said, and doesn’t expect phased reopenings to begin until October.
