Nike Earnings Beat Estimates

BUSINESS TURKMENISTAN
Nike Earnings Beat Estimates
Revenue in the three months to the end of November was up about 10% to $10.33 billion from $9.37 billion a year ago.

Nike, the global leader in athletic apparel, on Thursday reported quarterly earnings and sales that beat analysts’ expectations. Revenue in the three months to the end of November was up about 10% to $10.33 billion from $9.37 billion a year ago, beating expectations for $10.09 billion.

“In Q2, NIKE has proven again that innovation is our greatest competitive edge – turning athlete insights into breakthrough product and digital services, as we offer more choice to more consumers at an accelerated pace,” Nike’s chief executive Mark Parker said in a Thursday press release. “I’ve never been more optimistic about the future of this company.”

The American Multinational corporation said the increase was driven by strong growth across all geographies. The company added the digital sales were up 38%, thanks to a boost at the start of the holiday shopping season. It said online sales surged more than 70% in North America on Black Friday.

The company noted its Jordan brand had its first ever billion-dollar quarter, thanks to new innovation and a spike in interest in the basketball-focused label, including among women and in markets outside the U.S.

The results on Thursday also underlined the growing importance to Nike of demand from China, where revenues leapt 25 percent to $1.85 billion. Sales from Nike’s domestic market of North America rose 5 percent to $3.98 billion.

Nike, Inc, headquartered in Oregon, US, specializes in the design, development, manufacturing, and worldwide marketing and sales of footwear, apparel, equipment, accessories, and services. According to its 2018 annual report, Nike generated about $36.4 billion in revenues last year, or just under $16 billion in gross profit.