NIKE, Inc. (NKE) – Get Report results topped analysts’ estimates for its fiscal second quarter after the closing bell Friday, driven by surging online sales and 24% growth in China.
The athletic apparel and equipment maker said it made 78 cents a share on $11.2 billion in revenue. In the same period a year ago, the company posted earnings of 70 cents a share on sales of $10.3 billion.
Nike had been expected to report adjusted net income of 63 cents a share, on sales of $10.6 billion, based on a FactSet survey of 31 analysts.
The stock has risen 20.2% since the company last reported earnings on Sept. 22.
“Our second-quarter revenue performance was impacted by strong NIKE Brand digital growth of 84 percent, offset by lower revenue in our wholesale business and NIKE-owned stores,” said John Donahoe, president and CEO, in a statement. Read more…..
Chart of the Day
Icarus TV
Nike brand digital sales increased 82 percent with double digit increases across North America and Greater China. The company reported net income of $1.5 billion, up 11 percent from last year. Liz Dunn, founder and CEO of Pro4ma Inc., and Sam Poser, Susquehanna Financial Group senior research analyst, join ‘Closing Bell’ to discuss.
