Nike'S Third Quarter Earnings Exceeded Expectations, After Which Shares Rose More Than 10%.
Nike (NYSE:NKE) shares surged more than 10% in the US stock market after Tuesday's trading, because the retailer's earnings report showed that its third quarter performance exceeded Wall Street analysts' expectations, and its digital sales increased by 36%.
Earnings showed that Nike's net profit in the third quarter was $847 million and earnings per share were 53 cents, compared with net profit of $1 billion 100 million last year and earnings of 68 cents per share, which exceeded analysts' expectations. FactSet, a financial information provider, showed that analysts had expected earnings per share to reach 51 cents in the third quarter of. Nike's third quarter revenue was $10 billion 100 million, an increase of 5% compared with the same period last year, mainly due to Nike Direct's revenue growth of 13%, digital business revenue growth of 36%, and Nike's strong growth in many markets, thereby counteracting the impact of the new crown epidemic on its business.
(shooting: Zhongfu net)
Nike CEO John John Donahoe said in a statement: "Nike has achieved strong performance in this turbulent period, which proves that we have strong consumer relations, convincing product innovation and a keen team all over the world."
Earnings also showed that Nike's inventory value reached $5 billion 800 million, an increase of 7% compared with the same period last year, reflecting "strong demand in all regions and stock growth in Greater China".
By the end of the third quarter, Nike had about $3 billion 200 million in cash and short-term investments.
On the same day, Nike shares rose sharply at 15.18% on Tuesday, closing at $72.33 a share. After the release of the earnings report, Nike's share price rose 10.20% again, to 79.71 U.S. dollars / share.
Source: Tencent securities Author: Nebula
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