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ThatвЂ™s driven demand for sneakers and apparel around the world. Nike has gained steam in recent quarters as sports resumed in earnest, with fans packing stadiums and kids returning to school playing fields. Revenue rose 12% to $12.2 billion in the three months through August after adjusting for currencies, missing analystsвЂ™ expectations of $12.5 billion. вЂњWe had full-price inventory that was unavailable to use to serve current consumer demand in this quarter,вЂќ Friend said. ThatвЂ™s left lots of inventory lingering in transit while margins were hurt by higher ocean freight surcharges. Shipping times from Asia to North America, meanwhile, worsened in the quarter, doubling to 80 days due to port and rail congestion and labor shortages. The company said in-transit inventories were high due to extended lead times. NikeвЂ™s inventories were at $6.7 billion for the quarter, which is flat from a year ago, according to ThursdayвЂ™s statement. вЂњHow much inventory is in transit, and is it enough to meet holiday demand?вЂќ Demand is clearly very high,вЂќ Bloomberg Intelligence analyst Poonam Goyal said on Bloomberg Television. Adidas said itвЂ™s also been temporarily reallocating production to other countries. Nike doesnвЂ™t expect the facilities to reopen until October, and theyвЂ™ll take several months to ramp up manufacturing.ДЄ spokeswoman for Puma said Friday that a few factories have started to operate in southern Vietnam recently and the company hopes for others to gradually open through October. Most Nike factories in Vietnam remain shut due to government mandates and the company has lost about 10 weeks of production since mid-July, he said. Nike Chief Financial Officer Matthew Friend outlined the issues during the companyвЂ™s call with analysts. Adidas fell as much as 4% and Puma as much as 2.9% in Frankfurt trading Friday. The stock had risen 13% this year through the close Thursday in New York. Nike shares fell 4.6% to $152.20 in pre-market trading in New York. Puma SE Chief Executive Officer Bjorn Gulden said in July the company was trying to source more from China to make up for the drop in Vietnam. Adidas AG sourced about a third of its production there last year.

Shutdowns in Vietnam due to a Covid resurgence are hitting athleticwear makers hard as theyвЂ™re unable to supply enough shoes to consumers across the world.

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