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:-nike-stock-heads-toward-record-after-earnings-show-a-return-to-sales-growth
:-nike-stock-heads-toward-record-after-earnings-show-a-return-to-sales-growth

Breaking

: Nike stock heads toward record after earnings show a return to sales growth


After two quarters of declines during COVID-19 pandemic, Nike revenue growth leads to big earnings beat and shares head for new highs

Nike Inc. said Friday that more than 90% of its corporate-owned stores are open despite the COVID-19 pandemic.


frederic j. brown/Agence France-Presse/Getty Images

Nike Inc. shares moved toward fresh record highs in after-hours trading Friday, after the athletic-apparel giant reported a return to revenue growth.

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Nike
NKE,
-2.29%

reported fiscal second-quarter profit of $1.25 billion, or 78 cents a share, on Friday afternoon, up from 70 cents a share a year ago. Sales grew 7% to $11.2 billion from $10.33 billion in the same quarter a year ago, after Nike reported year-over-year sales declines in the previous two quarters, as the COVID-19 pandemic affected its operations. Analysts on average expected earnings of 63 cents a share on sales of $10.55 billion, according to FactSet.

“With healthy inventory positions across all geographies, our return to growth is a testament to our digital strength, as well as our disciplined marketplace and financial management,” Chief Financial Officer Matt Friend said in Friday’s announcement.

Nike stock closed at a record high Thursday of $140.50 and reached an intraday record of $141.14 in Friday’s regular session before falling to a daily decline of 2.3% at $137.28. In after-hours trading Friday, shares jumped 3% and more, topping both the closing and intraday records. The stock has increased 35.5% so far this year, as the S&P 500 index
SPX,
-0.35%

has gained 15.2%.

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