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Nike beats revenue estimates on North America demand -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A Nike logo with the swoosh is visible outside the Nike store at 5th Avenue in New York. March 19, 2019, U.S. REUTERS/Carlo Allegri/File Photo

(Reuters) -Nike Inc beats estimates for quarterly revenue Monday. This was due to strong demand in North America for Nike’s apparel and sports shoes, despite shipping delays and factory closings limiting supplies.

Extended trading saw the company’s share price rise by nearly 4%

Nike North America was the largest market for the company (NYSE:). Sales in North America jumped by 12% during the second quarter. The reopening of the U.S. economy, and the introduction of vaccines, gave Americans confidence to return to the stores to buy sneakers to run and hike.

Even though Nike had warned in September that there would be a shortage of certain items heading into Christmas due to the long closures at the Vietnam factory, which is home to about half the Nike footwear production in Vietnam.

According to Refinitiv data, IBES data shows that the revenue of the company rose by 1% to $11.36billion for its quarter ending Nov. 30. However analysts had been expecting $11.25billion on average.

Nike saw its net income rise 7% to $1.34 Billion, which is 83c per share.

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