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Nike grows profit, pulls product in China

Source: Farfetch.
Source: Farfetch Sportswear brand Nike has revealed its net profit increased to US$4 billion during the 2019 financial year, compared to the previous year, which saw Nike earn US$1.9 billion. The large disparity is attributed to the enactment of the Tax Act last year, which raised Nike’s effective tax rate to 55.3 per cent – causing a 54 per cent drop in profits. In FY19, Nike’s tax rate returned to a more normalised level of 16.1 per cent.  The positive results come at a turbulent ti