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Nike surges after impressive quarterly earnings

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Miguel A. Rodriguez
Miguel A. Rodriguez
28 tháng 6 2021
The American multinational corporation impressed markets with fiscal Q4 2021 earnings

For the quarter ended on May 31, Nike revenue almost doubled to $12.34 billion from $6.31 billion reported during the same time last year. In addition, it topped Wall Street consensus by more than $1 billion. At the same time, the company reported an EPS of 93 cents, surpassing the 51 cents expected.

In North America, Nike’s biggest market, sales more than doubled, reaching a record of $5.38 billion. In Greater China, sales were up 17% to $1.93 billion. Even though China is typically one of the fastest-growing markets for Nike, consumers threatened a boycott after Western brands expressed concerns about allegations of forced labour in Xinjiang.

In fiscal 2022, Nike is expecting the revenue to exceed $50 billion. Analysts are looking for annual revenues of $48.5 billion. According to officials, sales will be driven by women’s category, apparel business and Jordan brand.

At the moment of writing, Nike stock price is up 15.53%.

Sources: cnbc.com, finance.yahoo.com

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Miguel A. Rodriguez
Miguel A. Rodriguez
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Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.