Nike inventory heads towards report after earnings present a return to gross sales development
Nike Inc. shares hit new record highs after close of trading on Friday after the sportswear giant reported a return to sales growth.
Nike NKE, -2.29%, reported earnings of $ 1.25 billion, or 78 cents per share, Friday afternoon, compared to 70 cents per share a year ago. Sales rose 7% to $ 11.2 billion from $ 10.33 billion in the year-ago quarter, after Nike posted a year-over-year revenue decline in the previous two quarters as the COVID-19 pandemic affected its operations . According to FactSet, analysts expect an average profit of 63 cents per share of sales of 10.55 billion US dollars.
“With inventory levels healthy in all regions, our return to growth is testament to our digital strength and our disciplined market and financial management,” said CFO Matt Friend in Friday’s announcement.
Nike stock closed on Thursday at a record high of $ 140.50, hitting an intraday high of $ 141.14 in Friday’s regular session, before falling to a daily decline of 2.3% at $ 137.28 . On Friday after close of trading, stocks rose 3% and more, beating both the closing and intraday records. The stock is up 35.5% so far this year, while the S&P 500 Index SPX is up -0.35%, up 15.2%.