Nike Inc top Q2 revenue and profit estimates, attributable to strong demand for its sports shoes and apparel in North America, according to a press release by Nike Inc on Tuesday.
- Nike’s Q2 sales in North America, its largest market, rose 12%, as the U.S. economy rebounds and the vaccinations of people boost confidence to return to stores and encouraged spending on sneakers.
- The company’s overall revenue increased 1% to $11.36 billion in Q2, topping estimates of $11.25 billion. Nike forecasts a low single-digital increase in Q3 revenue.
- Nike’s profit of 83 cents per share in the second quarter tops estimate of 63 cents.
- Jessica Ramirez, a retail analyst at Jane Hali & Associates, stated that Nike is doing well to get adequate inventory, further adding the company is likely to sustain the momentum in the long term.
Nike reported its weekly footwear and apparel production was at nearly 80% of pre-closure volumes at its now fully operating factories in Vietnam. NKE down -2.71%