A person walks in entrance of a Nike merchandise exhibit, on February 22, 2021 in New York Metropolis.
John Smith | Corbis Information | Getty Photographs
Nike on Monday reported earnings and gross sales for the fiscal third quarter that topped analysts’ estimates, due to sturdy demand in North America as shoppers headed again to shops.
The higher-than-expected outcomes proved Nike’s skill to function in a risky surroundings, CEO John Donahoe mentioned in a press launch. “Market demand continues to considerably exceed out there stock provide,” he added.
Shares rose greater than 5% in after-hours buying and selling.
Here is how Nike did in its fiscal third quarter in contrast with what Wall Avenue was anticipating, based mostly on a survey of analysts by Refinitiv:
- Earnings per share: 87 cents vs. 71 cents anticipated
- Income: $10.87 billion vs. $10.59 billion anticipated
Nike reported web earnings for the three-month interval ended Feb. 28 of $1.4 billion, or 87 cents per share, in contrast with $1.45 billion, or 90 cents a share, a 12 months earlier. That topped revenue estimates for 71 cents a share, based on Refinitiv information.
Gross sales rose 5% to $10.87 billion from $10.36 billion a 12 months earlier, beating analysts’ expectations for $10.59 billion.
Nike mentioned gross sales in its greatest market, North America, climbed 9%. Gross sales in Larger China, the corporate’s third-biggest market behind its Europe, Center East and Africa phase, fell 5% from the prior 12 months.
As of Monday’s market shut, Nike shares are down 22% this 12 months.
Discover the total earnings press launch from Nike here.
This story is growing. Please verify again for updates.