SHENZHEN, GUANGDONG, CHINA - 2019/10/05: American multinational sportswear manufacturer Nike logo ... [+]
SOPA Images/LightRocket via Getty ImagesWhat?
Nike (NYSE:NKE) posted a strong set of Q4 FY'21 results, with revenue growing by over 96% year-over-year to $12.3 billion, well ahead of street estimates. EPS stood at $0.93, compared to a loss last year.
Why?
The results were driven by strong consumer demand for athletic apparel and footwear as the economy continues to open following Covid-19.
So What?
Nike stock jumped by over 15% in Friday's trading, following the earnings report. Nike's robust earnings indicate that the broader sporting goods and apparel sector could also see a quicker than expected rebound post-Covid.
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The Link LonkJune 28, 2021 at 09:00PM
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Company Of The Day: Nike - Forbes
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