Sportwear giant NIKE, Inc. (NKE) released its Q1 earnings this week, performing above market estimates as digital sales surged and lockdown measures eased, allowing the brand to open stores worldwide. Nearly all of Nike’s locations were open across North America, Europe, the Middle East and Africa, and Greater China during the quarter. The company’s Greater China and EMEA regions witnessed quarterly revenue increase over last year, by 8% and 5% respectively, however, revenue from its largest segment North America decreased by 1% in the first quarter. However, the company reported EPS of 95 cents versus 46 cents expected and revenue of $10.59 billion versus $9.11 billion expected. Its digital sales increased by 82% in the first quarter ending August 31. The company’s net income rose to $1.52 billion from $1.37 billion a year earlier.
Nike CEO John Donahoe said in a statement. “Our results this quarter continue to demonstrate Nike’s full competitive advantage, as we strengthen our position in the midst of disruption. In this dynamic environment, no one can match our pace of launching innovative products and our brand’s deep connection to consumers. These strengths, coupled with our digital acceleration, are unlocking Nike’s long-term market potential.”
NIKE, Inc. (NKE) 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.
