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.