North America online sales drive Nike's quarterly results beat
(Reuters) - Nike Inc's quarterly revenue and profit beat Wall Street estimates on Thursday, as it benefited from selling more items online at full price in North America, sending the shares of the world's largest footwear maker up 8 percent. For more than a year, Nike has been speeding up the pace of new product launches and expanding partnerships with online retailers in a bid to increase customer engagement. Quarterly sales rose 8.5 percent to $3.78 billion in North America, its third straight rise, while sales in Greater China rose 26.4 percent to $1.54 billion.
(Reuters) - Nike Inc's
For more than a year, Nike has been speeding up the pace of new product launches and expanding partnerships with online retailers in a bid to increase customer engagement.
Quarterly sales rose 8.5 percent to $3.78 billion in North America, its third straight rise, while sales in Greater China rose 26.4 percent to $1.54 billion.
Total revenue rose 9.6 percent to $9.37 billion.
The maker of Jordan sneakers said net income rose to $847 million, or 52 cents per share, in the second quarter ended Nov. 30, from $767 million, or 46 cents per share, a year earlier.
Analysts on average expected Nike to earn 46 cents per share on revenue of $9.18 billion, according to IBES data from Refinitiv.
Nike shares, which have lost about 18 percent in the last three months, jumped to $73 after the bell.
(Reporting by Nivedita Balu and Uday Sampath in Bengaluru; Editing by Arun Koyyur)
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