Please select the second broker

Author: Roger AdamsDate: 2021-06-28

Nike (NKE) soars 15% as footwear sales fuel Q4 beats

Footwear giant Nike (NKE) smashed Wall Street expectations in Q4, paving the way for gains on Friday as it closed 15% higher on the New York Stock Exchange.

Nike (NKE) sprinted past Wall Street expectations with an impressive fiscal Q4 report that included a 96% spike in revenue as the company’s popular footwear segment thrived

Before Friday’s open, Nike posted $0.93 earnings per share for the three months to 31st May, which was well ahead of the $0.51 consensus.

Revenues also soared during the same period to $12.3bn to trump the pre-report forecasts of $11.03bn.

Nike CEO John Donahoe said that the returns were indicative of the sports apparel company’s “unique competitive advantage”.

That appears to be true in North America where Nike’s sales soared +100% to $5.38bn as consumers flocked to buy its trainers.

Growth was more modest in Greater China where local consumers have become more open to boycotting Western brands, but the region still added $1.93bn to Nike’s top line.

CFO Matt Friend noted in a conference call that business was getting better in China month by month.

Overall, Nike’s core footwear segment brought in almost $8bn following an 89% jump in revenue, while apparel revenue saw a similar leap to $3.44bn.

There was also momentum for digital sales, which continued the trend prevalent during the pandemic by rising a further 41%.

Donahoe said that Nike was investing in its “digital leadership” to fuel long-term growth.

Looking ahead to fiscal 2022, Nike has guided for a double-digit growth in revenue of more than $50bn, which was higher than the $48.5bn figure polled by analysts.

After the strong report, it was no surprise to see Nike trading higher on Friday.

Nike shares eventually finished up 15.63% at $154.35.


Scam Brokers, Broker Complaints

Are you aware of a scam broker or want to make a broker complaint?

We want our site users to find good brokers to trade through and to be warned off bad brokers. We encourage you to use our complaints tool to let us know about your experiences.

We have categorised the common complaints to make it easier for you and we have provided some guidance on what you may want to try before submitting a complaint, if our suggestions do not provide you with a resolution then by submitting a complaint, our team will attempt to take up your case with the relevant Broker and if needed, submit a formal report to the regulators.

We use the information you give us to decide if we want to continue to promote a broker on our site.

Your scam broker complaint not only helps you, it helps others and it helps us determine if we continue to support the broker.