Sneaker giant Nike announced Monday that it will raise prices next year despite its own efforts to boost sales and cut inventory through discount offers.
Nike Chief Financial Officer Matt Friend said that it expects to increase prices by low single-digit percentages to help offset rising labor and logistics costs for everything from labor to logistics.
The company also plans to continue increasing products sales through its own channels instead of wholesalers.
Sales to wholesale customers represented 56% of the brand sales, while four years ago they represented nearly 70% of that total.
