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Nike beats quarterly revenue estimates boosted by North America demand -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A man in protective mask passes by a Nike store in Kyiv on December 10, 2020. REUTERS/Valentyn Ogirenko/File Photo

(Reuters) – Nike Inc (NYSE 🙂 beat the quarterly revenue estimates by a record amount on Monday thanks to robust demand from North American customers for sports footwear and apparel.

Extended trading saw the share price of the largest manufacturer of sportswear in the world rise 4.4%, to $136

Since the outbreak of the pandemic in 1918, casual and sports apparel has become an integral part of every day fashion. People are now more comfortable wearing sweatpants and joggers than their office clothes, which has boosted sales for Nike as well as rivals like Under Armour (NYSE) and Adidas (OTC).

Nike saw its biggest market in North America increase by 9% during the third quarter. This was also due to the price rises and the return of school sport.

According to Refinitiv’s IBES data, the company’s third-quarter revenue increased 5% to $10.87 Billion. Analysts had predicted $10.59 Billion.

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