Nike Reports Q1 Earnings Beat, Digital Sales Up 82% YoY
Nike (NYSE: NKE) shares are trading higher after the company reported first-quarter EPS of 95 cents, up from 86 cents year over year.
The company reported quarterly sales of $10.6 billion, which beat the analyst consensus estimate of $9.12 billion by 16.23%. This is a 0.56% decrease over sales of $10.66 billion in the same period last year.
First-quarter Nike brand digital sales were up 82% year over year. Inventory rose 15% year over year, but decreased 9% quarter-over-quarter.
"NIKE is recovering faster based on accelerating brand momentum and digital growth, as well as our relentless focus on normalizing marketplace supply and demand," said Matt Friend, Executive Vice President and Chief Financial Officer. "We continue to drive investment in capabilities that will fuel our consumer-led digital transformation, catalyzing long-term growth and profitability for NIKE."
Nike shares were trading up 8.9% at $127.29 in Tuesday’s after-hours session. The stock has a 52-week high of $120.48 and a 52-week low of $60.
Under Armour (NYSE: UAA) was up 3% in symptahy, while Foot Locker (NYSE: FL) was up about 2.7%.
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