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Nike quarterly revenue beats estimates, shares rise

Nike quarterly revenue beats estimates, shares rise

FILE PHOTO: A person wearing a protective face mask amid the outbreak of the coronavirus disease (COVID-19) walks past a Nike brand store central in Kyiv, Ukraine December 10, 2020. REUTERS/Valentyn Ogirenko

REUTERS: Nike Inc beat estimates for quarterly revenue on Friday, helped by a jump in online demand for sports shoes and apparel as more people engaged in fitness-related activities during the COVID-19 pandemic.

Shares of the world's largest sportswear maker were up 4.5per cent in trading after the bell. They have gained about 37per cent this year.

The global health crisis has pushed people to take up fitness-related activities such as running or biking, giving a much needed boost to Nike and other sportswear makers after they took a hit to sales earlier in the year from the pandemic.

Nike said revenue rose to US$11.24 billion in the second quarter ended Nov. 30 from US$10.33 billion a year earlier, while analysts on average had expected US$10.56 billion, according to IBES data from Refinitiv.

The company reported a profit of US$1.25 billion, or 78 cents per share, up from US$1.12 billion, or 70 cents per share, a year earlier.

(Reporting by Uday Sampath in Bengaluru; Editing by Anil D'Silva)

Source: Reuters

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