Nike shares jumped more than 12% after trading closed yesterday following a better-than-expected earnings report. The shoe and apparel giant beat its first quarter 2021 revenue expectations by generating $10.59 billion, well past Wall Street analyst expectations of $9.15 billion.
At the core of the solid quarter was an 82% year-over-year increase in online sales. That helped bump net income to $1.52 billion, up from $1.37 billion in the same quarter last year.
Nike shares are up almost 15% year-to-date.
Nike’s Q1 FY21 By The Numbers:
- $10.59 billion in revenue, 0.6% drop year-over-year
- Sales in China grew 6%
- Sales in North America dropped 2%