Nike shares hit record high following strong quarterly results

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Nike (NKE.US) stock jumped more than 5% after the company posted upbeat quarterly figures. The athletic apparel and footwear maker earned 78 cents per share, well above analysts' expectations of 62 cents a share. An 80% rise in online sales helped revenue rise nearly 9% to $11.24 billion in the three months through November, some 6% ahead of expectations. Company also raised its full-year sales guidance, as the pandemic continues to drive demand for sportswear. Nike is now calling for revenue to rise at a low-teens percentage year over year, compared with a prior outlook of up high-single to low-double digits. Company also plans for less discounting in the coming quarters and selling less inventory through wholesale channels.

Nike’s (NKE.US) shares surged to an all-time high at $146.55 after the company reported better-than-expected earnings in the second quarter and upgraded their full-year sales forecast. Source: xStation5

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