A man walks in front of a Nike products exhibit, on February 22, 2021 in New York City.
John Smith | Corbis News | Getty Images
Nike on Monday reported earnings and sales for the fiscal third quarter that topped analysts’ estimates, thanks to robust demand in North America as consumers headed back to stores.
The better-than-expected results proved Nike’s ability to operate in a volatile environment, CEO John Donahoe said in a press release. “Marketplace demand continues to significantly exceed available inventory supply,” he added.
Shares rose more than 5% in after-hours trading.
Here’s how Nike did in its fiscal third quarter compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:
- Earnings per share: 87 cents vs. 71 cents expected
- Revenue: $10.87 billion vs. $10.59 billion expected
Nike reported net income for the three-month period ended Feb. 28 of $1.4 billion, or 87 cents per share, compared with $1.45 billion, or 90 cents a share, a year earlier. That topped profit estimates for 71 cents a share, according to Refinitiv data.
Sales rose 5% to $10.87 billion from $10.36 billion a year earlier, beating analysts’ expectations for $10.59 billion.
Nike said sales in its biggest market, North America, climbed 9%. Sales in Greater China, the company’s third-biggest market behind its Europe, Middle East and Africa segment, fell 5% from the prior year.
As of Monday’s market close, Nike shares are down 22% this year.
Find the full earnings press release from Nike here.
This story is developing. Please check back for updates.