Monday, 11th December, 2023
Monday, 11th December, 2023

Strong China sales boost Nike results, shares rise

People wearing face mask wait in line to get into the Nike store at The Grove outdoor shopping center, amid the Coronavirus pandemic, November 5, 2020, in Los Angeles. (Photo by VALERIE MACON / AFP)
Nike scored a big jump in China sales in the second quarter and reported better-than-expected results on Friday, following a coronavirus hit earlier in the year.

After suffering declines in revenues in the last two quarters, Nike reported an increase in sales in the quarter ending November 30 as it has bolstered direct selling efforts to consumers in the wake of upheaval in the retail industry.

The sports giant said more than 90 percent of company-owned stores are now open, with some at reduced hours. However, the company continues to experience declines in customer traffic in many regions due to Covid-19, Nike said.

Net income rose 12 percent from the year-ago period to $1.3 billion following a nine percent increase in revenues to $11.2 billion.

Sales were especially strong in greater China, rising 24 percent from the year-ago period.

Shares jumped 2.3 percent to $142.50 in after-hours trading.

:: Share ::