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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.
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