A woman is carrying shopping bags from Nike at the Citadel Outlet Mall, while the global outbreak of coronavirus disease (COVID-19) continues in Commerce, California, USA, on December 3, 2020.
Lucy Nicholson | Reuters
Nike on Friday reported quarterly sales and earnings that exceeded analysts’ estimates, driven by three-digit online growth in North America and strong demand for sneakers and training clothing by Chinese consumers.
Its shares jumped more than 5% in out-of-hours trading.
The following explains how the company did during its second fiscal quarter, compared to what analysts expected, according to Refinitiv data:
- Earnings per share: 78 cents versus 62 cents, expected
- Revenue: $ 11.24 billion vs. $ 10.56 billion, projected
During the three-month period ended Nov. 30, Nike reported net income of $ 1.252 billion (78 cents per share), up from $ 1.122 billion (70 cents per share) a year earlier. Analysts had demanded earnings of 68 cents per share.
Revenue grew 9% year-over-year to $ 11.24 billion, up from $ 10.33 million the previous year. This was better than the $ 10.56 million expected by analysts.
Nike said its digital sales of its eponymous brand rose 84% during the quarter as more shoppers visited its website during the pandemic to buy sportswear and footwear to maintain its fitness routines and personal health.
At the close of the market on Friday, Nike shares have risen more than 37% this year. The company has a market cap of $ 215.5 billion.
Here’s the full press release on Nike’s earnings.
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