Nike shares rise after sneaker maker's sales top estimates, aided by online growth, strength in China

Nike on Friday reported quarterly sales and earnings that topped analysts' estimates, driven by triple-digit growth online in North America, and strong demand for its sneakers and workout apparel from Chinese consumers.

Its shares jumped more than 5% in after-hours trading.

Here's how the company did during its fiscal second quarter, compared with what analysts were expecting, based on Refinitiv data:

  • Earnings per share: 78 cents vs. 62 cents, expected
  • Revenue: $11.24 billion vs. $10.56 billion, expected

For the three-month period ended Nov. 30, Nike reported net income of $1.25 billion, or 78 cents per share, up from $1.12 billion, or 70 cents a share, a year earlier. Analysts had been calling for earnings of 68 cents per share.

Revenue grew 9% year over year to hit $11.24 billion, up from $10.33 billion a year ago. That was better than the $10.56 billion expected by analysts.

Nike said its digital sales for its namesake brand were up 84% during the quarter, as more shoppers visited its website during the pandemic to buy athletic apparel and footwear to keep up their fitness routines and personal health.

As of market close on Friday, Nike shares have surged more than 37% this year. The company has a market cap of $215.5 billion.

Find the complete earnings press release from Nike here.

This story is developing. Please check back for updates.

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