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
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.