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The Water Cooler
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Still buying Nike or do you even care?
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<blockquote data-quote="SlugSlinger" data-source="post: 3599817" data-attributes="member: 7248"><p><h3>CEO: 'Nike is a brand that is of China and for China'</h3><p></p><p></p><p>Nike CEO John Donahoe defended the company’s business in China this week, saying, "Nike is a brand that is of China and for China" following a consumer boycott in the country.</p><p></p><p>Donahoe made the remark during a call with Wall Street analysts on the company's fourth-quarter earnings when asked about competition from Chinese companies, the BBC <a href="https://www.bbc.com/news/business-57606588" target="_blank">reported</a>.</p><p></p><p>Nike drew backlash in China in March after it issued a statement expressing concern over reports of forced labor in the Xinjiang region.</p><p></p><p>"Nike does not source products from [Xinjiang] and we have confirmed with our contract suppliers that they are not using textiles or spun yarn from the region," Nike said in a statement <a href="https://purpose.nike.com/statement-on-xinjiang" target="_blank">at the time</a>.</p><p></p><p>Nike had <a href="https://www.businesswire.com/news/home/20210624005975/en/NIKE-Inc.-Reports-Fiscal-2021-Fourth-Quarter-and-Full-Year-Results" target="_blank">reported</a> a strong fourth quarter, with a total revenue of $12.3 billion and a profit of $1.5 billion. Additionally, sales in North America rose 141 percent year over year, equating to $5.38 billion.</p><p></p><p>Sales in China fell slightly short of expectations, as Nike reported $1.93 billion in revenue instead of the expected $2.25 that analysts hoped for, Fox Business <a href="https://www.foxbusiness.com/markets/nike-stock-price-soars-to-record-us-sales-boom" target="_blank">reported</a>.</p><p></p><p>Donahoe in the call this week expressed optimism about business in China, noting that "today we're the largest sport brand there," according to the BBC.</p><p></p><p>[URL unfurl="true"]https://thehill.com/business-a-lobbying/business-a-lobbying/560386-ceo-nike-is-a-brand-that-is-of-china-and-for-china[/URL]</p></blockquote><p></p>
[QUOTE="SlugSlinger, post: 3599817, member: 7248"] [HEADING=2]CEO: 'Nike is a brand that is of China and for China'[/HEADING] Nike CEO John Donahoe defended the company’s business in China this week, saying, "Nike is a brand that is of China and for China" following a consumer boycott in the country. Donahoe made the remark during a call with Wall Street analysts on the company's fourth-quarter earnings when asked about competition from Chinese companies, the BBC [URL='https://www.bbc.com/news/business-57606588']reported[/URL]. Nike drew backlash in China in March after it issued a statement expressing concern over reports of forced labor in the Xinjiang region. "Nike does not source products from [Xinjiang][I] [/I]and we have confirmed with our contract suppliers that they are not using textiles or spun yarn from the region," Nike said in a statement [URL='https://purpose.nike.com/statement-on-xinjiang']at the time[/URL]. Nike had [URL='https://www.businesswire.com/news/home/20210624005975/en/NIKE-Inc.-Reports-Fiscal-2021-Fourth-Quarter-and-Full-Year-Results']reported[/URL] a strong fourth quarter, with a total revenue of $12.3 billion and a profit of $1.5 billion. Additionally, sales in North America rose 141 percent year over year, equating to $5.38 billion. Sales in China fell slightly short of expectations, as Nike reported $1.93 billion in revenue instead of the expected $2.25 that analysts hoped for, Fox Business [URL='https://www.foxbusiness.com/markets/nike-stock-price-soars-to-record-us-sales-boom']reported[/URL]. Donahoe in the call this week expressed optimism about business in China, noting that "today we're the largest sport brand there," according to the BBC. [URL unfurl="true"]https://thehill.com/business-a-lobbying/business-a-lobbying/560386-ceo-nike-is-a-brand-that-is-of-china-and-for-china[/URL] [/QUOTE]
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