A woman carries Nike shopping bags at the Citadel Outlet mall as the global coronavirus disease (COVID-19) outbreak continues in Commerce, California, US, Dec.3, 2020.
Lucy Nicholson | Reuters
Nike reported quarterly sales and earnings above analyst estimates on Friday, driven by three-fold online growth in North America and strong demand from Chinese consumers for their sneakers and workout apparel.
Its shares were up more than 5% in after-hours trading.
Here’s how the company fared during its fiscal second quarter, compared to what analysts expected, based on data from Refinitiv:
- Earnings per share: 78 cents versus 62 cents, expected
- Revenue: $ 11.24 billion vs. $ 10.56 billion expected
For the three-month period ended November 30, Nike reported net income of $ 1.25 billion, or 78 cents a share, compared to $ 1.12 billion, or 70 cents a share, a year earlier. Analysts asked for a profit of 68 cents per share.
Revenues grew 9% year over year to $ 11.24 billion from $ 10.33 billion a year ago. That was better than the $ 10.56 billion analysts expected.
Nike said digital sales of the eponymous brand were up 84% this quarter as more shoppers visited the website during the pandemic to buy athletic apparel and shoes to track their fitness routines and personal health.
Since the market closed on Friday, Nike shares are up more than 37% this year. The company has a market capitalization of $ 215.5 billion.
Find the full press release on Nike’s earnings here.
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