Nike Shares Increased Over 5% During Extended Trading
Mar 22, 2022 By MarketDepth
Nike (NYSE: NKE) shares increased over 5% during extended trading Monday after reporting its fiscal third-quarter earnings. The results surpassed analysts estimates amid growing demand within North America.
Higher Than Expected Earnings
The American retailer reported earnings of USD0.87 per share, compared to the expected USD0.71 a share. Revenue amounted to USD10.87 BIllion, higher than analyst’s anticipated USD10.59 Billion. Furthermore, net income for the quarter totaled USD1.4 Billion, in comparison to the previous year’s USD1.45 Billion.
“Our third quarter results demonstrate NIKE’s ability to navigate through volatility, while continuing to serve consumers directly and digitally, at scale. Marketplace demand continues to significantly exceed available inventory supply, with a healthy pull market across our geographies.”Matt Friend, Executive Vice President and Chief Financial Officer, NIKE, Inc.
Nevertheless, due to inflation concerns, an ongoing war and supply chain disruptions, Nike has opted to postpone disclosing its outlook for the year until it reports fourth-quarter results.
“We are focused on what we can control. There are several new dynamics creating higher-levels of volatility.”Matt Friend, Executive Vice President and Chief Financial Officer, NIKE, Inc.
As of Monday, Nike shares have plummeted 22% throughout the year and have a current market cap of USD218.60 Billion.