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
SEE MORE EXAMPLES OF PANDEMIC PROFITEERING IN OUR STORES:
- As Ulta Beauty benefited from “higher average selling price”, its yearly net income skyrocketed 406% to a staggering $985.8 million. Instead of keeping prices stable for its customers, the company spent $1.5 billion on stock buybacks and even authorized a brand new $2 billion stock buyback plan this month.
- After racking up prices on its customers, Dick’s Sporting Goods had a “record” fourth quarter and 2021 with its net income climbing $990 million. That cash went to nearly $1.8 billion in shareholder handouts and an 11% dividend increase. Talk about corporate greed.
- Despite a brand new $2 billion stock buyback program and a 136% net income increase since COVID-19, Macy’s is still planning to continue increasing prices on working families this year. The company cashed in on $1.43 billion in net income in 2021 and even managed to complete it’s $500 million buyback program.
- TJX Companies, owner of T.J. Maxx, Marshalls, and Homegoods, can thank higher prices on its customers for its “record net income” of $6.2 billion due to its “pricing strategy” in its last half of 2021. With $3.4 billion in shareholder handouts and $2.2 billion in stock buybacks, CFO Scott Goldenberg was happy to brag about how the company had returned the most money to shareholders on an annual basis in its history.