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 December 21, 2018 04:05:38 IST
North America online sales drive Nike's quarterly results beat

North America online sales drive Nikes 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.

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)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Elon Musk leaves behind Amazon's Bezos to become world's richest person - Bloomberg News
Business

Elon Musk leaves behind Amazon's Bezos to become world's richest person - Bloomberg News

(Reuters) -Tesla Inc chief and billionaire entrepreneur Elon Musk surpassed Amazon.com Inc's top boss Jeff Bezos to become the world's richest man, Bloomberg News reported on Thursday.

Daimler starting year with optimism after strong finish to 2020 - CEO
Business

Daimler starting year with optimism after strong finish to 2020 - CEO

FRANKFURT (Reuters) - Daimler is starting the year with optimism after a strong finish to 2020, Chief Executive Ola Kaellenius said on Thursday, adding that sales in the fourth quarter had continued the strong trend seen in the preceding three months.

Oil hits 11-month highs on Saudi cuts, shrugs off U.S. unrest
Business

Oil hits 11-month highs on Saudi cuts, shrugs off U.S. unrest

By Laura Sanicola NEW YORK (Reuters) -Oil prices edged higher on Thursday, hitting 11-month peaks as markets remained focused on Saudi Arabia's unexpected pledge to deepen its oil cuts and firmer equities, shrugging off political unrest in the United States. Brent crude rose 18 cents to $54.48 a barrel by 1:32 p.m. EST (1832 GMT) after touching $54.90, a high not seen since before the first COVID-19 lockdowns in the West.