The sportswear giant did not name US tariffs explicitly as a reason for the increase, saying it regularly made "price adjustments". Almost all of Nike's goods are made in Asia - a region targeted by President Donald Trump's tariffs.

The US has paused higher so-called "reciprocal" tariffs until July, but a "base" levy of 10% remains in place against a long list of countries. Tariffs, which are a tax on imports, are almost always paid by the company that is importing the goods into a country rather than the business which makes the product. While importers can decide to absorb the extra charge, they often choose to pass it on to the consumer.

Ahead of his tariff announcements, Trump disputed those predictions. He has since attacked firms, including Mattel and Walmart, that have linked price rises to the measures. "Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain," he wrote on social media over the weekend, saying the company had made billions of dollars and should "eat the tariffs". Commenting on its price rises, Nike said: "We regularly evaluate our business and make pricing adjustments as part of our seasonal planning."

In a call with investors in March, Nike's finance chief Matt Friend said that the company was "navigating through several external factors that create uncertainty in the current operating environment" including tariffs. He also said Nike was monitoring "the impact of this uncertainty and other macro factors on consumer confidence". From Sunday, 1 June, most Nike shoes that cost more than $100 (£74.50) will see prices rise by as much as $10. Prices of clothing and equipment will also be raised by between $2 to $10. (BBC/ Getty Images)