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published in Blogs
Jun 25, 2021
Nike (NKE, $153.99) beats fiscal Q4 earnings and sales expectations

Nike (NKE, $153.99) beats fiscal Q4 earnings and sales expectations

On Thursday, Nike reported fiscal fourth-quarter earnings that surpassed analysts’ expectations, on the back of record revenue in North America.

The sneaker maker’s earnings came in at 93 cents, crushing the  51 cents expected by analysts polled by Refinitiv.

Revenue rose to $12.34 billion from $6.31 billion a year earlier, exceeding estimates for $11.01 billion. Digital sales grew +41% year-over-year,  and were up +147% compared with the same period in 2019.

In North America, the company’s largest market, sales more than doubled to a record $5.38 billion from a year earlier when the retail industry was hard hit by the Covid pandemic.

Sales in Greater China rose +17%. “Building on our 40-year history in Greater China, we continue to invest in serving consumers with the best products Nike has to offer in locally relevant ways,” CFO Matt Friend said during a post-earnings conference call.

For fiscal year 2022, Nike is projecting revenue to grow a low double-digit percentage, and to exceed $50 billion. Analysts were expecting revenue of $48.5 billion.

Related Tickers: NKE