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…..
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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.