Nike Inc.’s fiscal third-quarter results surpassed analysts’ estimates attributable to robust demand in North America, according to a press release by Nike on Monday.
- The sneaker retailer posted net income for the three-month period ended Feb. 28 of $1.4 billion or 87 cents per share, compared with $1.45 billion or 90 cents per share a year ago. That beat estimates for 71 cents per share.
- Sales of the company jumped 5% to $10.87 billion from $10.36 billion a year ago, topping analysts’ estimates for $10.59 billion.
- In its Q3, Nike stated that sales in North America rose 9%. Sales in Greater China, the company’s third-biggest market behind its Europe, Middle East, and Africa unit, plunged 5% from the previous year.
- John Donahoe, CEO, stated that the better-than-expected results proved Nike’s ability to navigate through a volatile environment.
For its current fiscal year, Nike expects sales to grow mid-single-digits from the prior 12-month period. Analysts had forecast revenue to jump up 5.3%. NKE: NYSE is up +6.69%, pre-market trading