Nike reported a significant increase in digital sales
Wall Street was swept off its feet when Nike posted the figures for the first quarter of fiscal #2021.
For the quarter, Nike reported a net income of $1.52 billion, or $0.95 per share. During the same quarter last year, it had $0.86/ share, with a total of $1.37 billion. This year it came above the $0.47 a share consensus.
Revenue-wise, the figures came in at $10.59 billion, beating the $9.15 billion forecasted. Nike sales went up 6% in China, while in North America – the company's largest market, it dropped 2%.
The company’s digital sales gained 82%. The rise was driven by a 200% increase in the women’s apparel division.
For the future, #Nike expects the revenue to be flat, with demand picking up in the second half of the year.
Following the report, Nike share price went up 8%. Year-to-date, its price added 15%, while USA30 lost 4%, and USA500 gained 3%.
Read about how other apparel companies have performed here!
Sources: cnbc.com, marketwatch.com
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