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Nike (NKE) up 3.5% in late trading after Q2 beats, digital sales spike
Athletic apparel company Nike (NKE) said that strong global digital sales helped it to post fiscal Q2 beats on Friday as shares jumped in after-hours trading.
An 84% spike in digital sales helped Nike (NKE) to deliver fiscal Q2 earnings and revenue beats on Friday, as the athletic apparel manufacturer made gains of 3.5% in after-hours trading.
The markets had already closed for the week when Nike Inc. posted $0.78 earnings per share and $11.2bn revenue for the latest quarter.
This was a healthy return considering that the same period in a less turbulent year in 2019 saw 70 cents per share earnings and $10.3bn in sales.
The fiscal Q2 figures also trumped the FactSet survey of 31 analysts, who had predicted $0.63 per share net income and $10.6bn in sales.
Nike CEO John Donahoe said that online sales were a key revenue driver as triple-digit growth in the North American region pushed overall digital sales 84% higher.
Donahoe added that 90% of its physical stores were now open, but that the impact of COVID-19 was still being felt.
“We continue to experience year-over-year declines in physical retail traffic in North America, EMEA and APLA due to COVID-19 impacts and safety-related measures, partially offset by higher conversion rates,” he said.
The digital boom has helped to mitigate some of the offline challenges, a trend that has been evident globally as the greater China region also saw revenue growth of 24%.
Nike stock had closed 2.29% lower at $137.28 on Friday before the company published its report.
The fiscal Q2 beats saw NKE rise 3.5% to $144.19 in after-hours trading.
Nike has made steady gains since its previous quarterly report in late September, climbing 20.2%.
The stage now appears set for NKE for a strong day of trading on Monday when the New York Stock Exchange opens.
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