Nike sales rise thanks to Jordan sneakers brand $1 billion dollar quarter

Nike on Thursday reported quarterly earnings and sales that beat analysts’ expectations, as more customers flocked to its stores for limited-edition Jordan sneakers and ordered athletic apparel from its website.

The company said its Jordan brand had its first ever billion-dollar quarter, thanks to new innovation and a spike in interest in the basketball-focused label, including among women and in markets outside the U.S.

But the retailer’s shares fell more than 2% in after-hours trading on the news, having hit an all-time intraday high earlier in the day. Nike’s growth on its home turf in North America came in slightly weaker than expected.

Revenue was up about 10% to $10.33 billion from $9.37 billion a year ago, beating expectations for $10.09 billion. Nike said it saw strength across all geographies. And it said digital sales were up a whopping 38%, thanks to a boost at the start of the holiday shopping season. It said online sales surged more than 70% in North America on Black Friday.

Nike shares, as of Thursday’s market close, are up more than 36% this year. The company is valued at roughly $157.9 billion. The stock on Thursday hit an all-time intraday high of $101.27

Source
https://www.cnbc.com/2019/12/19/nike-reports-q2-fiscal-2020-earnings.html

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