Shares of sneaker giant Nike Inc. climbed to an all-time high Monday, following the release of its stronger-than-expected quarterly earnings.
Thanks to strength in online sales, Nike’s earnings for the 3 months ending November came in at.78 cents(up from 70 cents a share a year earlier), beating the 62 cents expected by analysts polled by Refinitiv.
Revenue grew +9% year-over-year to $11.24 billion, also topping analysts’ forecast of $10.56 billion.
The company’s online sales for its namesake brand surged +84% during the quarter, as more people frequented its website during the coronavirus pandemic. According to the company, digital sales growth helped to offset declines in its own brick-and-mortar stores and at its wholesale partners .
Nike was allocating investments toward its own stores, websites, and key wholesale partners, and therefore reducing dependence on retail partner – even before the pandemic struck.