Even though the pandemic made its way back, Nike’s online sales surged 84% in the past quarter, topping the estimates
It seems like the past quarter has been highly successful for Nike. After it announced its partnership with Drake to release the sub-label #NOCTA, the fiscal Q2 2021 earnings called for celebration.
In the past quarter, Nike had an EPS of 78 cents on revenues of $11.24 billion. Both figures topped the consensus at 62 cents and $10.56 billion, respectively.
The good numbers were possible due to the company’s digital sales, which grew 84% during the quarter, as more people visited the website during the new wave of COVID-19 infection to purchase apparel and footwear. The most significant quarterly growth was reported in China – 24% from last year’s numbers. On the other hand, in the US, the revenues increased 1% from the same period the previous year.
Despite the promising results, Nike is cautious about the future, as it expects its fiscal 2021 overall revenue to “rise at a low-teens percentage year over year.”
After the news hit the wires, Nike stock price went up 5%. Since the beginning of the year, the company’s stock price has added 37%.
Read here more about the latest deal between Nike and the Grammy-Award winner Drake!
Sources: thestreet.com, cnbc.com