Nike exits Russian market by cancelling IRG franchise contract
IRG operates 37 Nike outlets in Russia through its subsidiary Up And Run.

IRG operates 37 Nike outlets in Russia through its subsidiary Up And Run.
The retailer is fully exiting from Russia, having suspended shipments to the country in March.
The retailer expects its comparable store sales for the full year to be between -8% and -2%.
Retailers in the country expect their business situation to weaken by 13% over the next three months.
The company expects its constant currency revenues for FY23 to increase in the high single digits from last year.
The retailer expects earnings of between $3.38 and $3.68 for each of its shares for the full year.
The expansion will allow the retailer to reach a further four million households in the country.
Proceeds from the investment will be used to facilitate ABFRL’s businesses growth.