WASHINGTON, D.C. – New earnings data released by Nike reveals that it hit $1.4 billion in quarterly net income after hiking prices on consumers. In its third quarter, the company spent $484 million on shareholder dividends — a 12% increase from last year. The corporation’s massive profits reaffirm ongoing research from Accountable.US exposing how major companies across several industries are using the pandemic as an excuse to increase their wealth and line their shareholders’ pockets at the expense of working families.  

Considering Nike pulled in $1.4 billion in net income last quarter and was positioned to reward shareholders with $484 million in dividends, did the company really need to pump up prices by double-digits? Hard to see how those price increases were meant only to keep up with the cost of production, so did Nike just do it to inflate their bottom line? It seems Nike is among the many companies using the pandemic as an excuse to dig deeper into the pockets of consumers for no good reason.”

Kyle Herrig, president of Accountable.US


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