Nike Reported Q3 Fiscal 2020 Earnings Exceed Analysts Expectations

By John Heerdink LinkedIn Disclaimer

NIKE, Inc. (NIKE) reported Q3 fiscal 2020 quarterly earnings on Tuesday after the market closed which exceeded analyst expectations despite the current economic slowdown amid COVID-19 outbreak. The sportswear giant announced $10.1 billion in quarterly sales, a 7 percent increase irrespective of currency charges beating analysts’ expectations at $9.806 billion.

Nike reported an EPS of $.53 versus analyst expectations at $.59. Nike shares soared more than 6 percent in after-hours trading after the earnings release.

The company reported $1.506 billion in quarterly sales in China, beating analysts’ expectations at $1.432 billion.

“In an extraordinarily dynamic time, Nike’s strong results are a testament to our deep consumer connections, compelling product innovation and agile teams around the world. We know it’s in times like these that strong brands get even stronger. As we start to see recovery in China, no one is better equipped than Nike to navigate the current climate.” stated CEO John Donahoe, in a news release.

NIKE, Inc. (NIKE) is the world’s top designer, marketer, and distributor of athletic footwear, equipment, apparel, and accessories. The Beaverton, Oregon based company offers products for a wide variety of sports and fitness activities. To learn more about NIKE, Inc. (NIKE) and to continue to track its progress please visit the Vista Partners NIKE Coverage Page.

 
 
 Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
 
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(Read Original Story: Nike stock surges in wake of quarterly earnings report in American City Business Journals)


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