Nike shares rise as pandemic fuels sneaker maker’s online growth, annual revenue outlook gets a boost

Earnings

A woman carries Nike shopping bags at the Citadel Outlet mall, as the global outbreak of the coronavirus disease (COVID-19) continues, in Commerce, California, U.S., December 3, 2020.

Lucy Nicholson | Reuters

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

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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