However, Nike said it will continue to operate in places like China.
Transcript:
CAROLINE WOODS:
Just weeks after Nike warned it would hike prices due to tariffs—we now know the damage from the levies: a $1 billion hit in its current fiscal year.
However, even with the increased costs, Nike will continue to operate in China. Its finance chief told analysts on its earning call, “Despite the current elevated tariffs for Chinese products imported into the United States, manufacturing capacity and capability in China remains important to our global source base.”
Nike currently has 16% of its supply chain in China.
As for the price hikes…Back in May, Nike said that apparel and equipment for adults will see $2 to $10 price increases. Footwear above $100 is going up between $5 and $10. Children’s Items and anything under $100 will stay the same. Jordan brand apparel and accessories will be unchanged as well…. but Jordan sneakers will cost more.
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