Nike shares soar as sales top expectations, thanks to digital growth


Shoppers, some wearing PPE (personal protective equipment), of a face mask or covering as a precautionary measure against COVID-19, queue to enter a recently re-opened Nike store at Gunwharf Keys shopping centre in Portsmouth, southern England on June 16, 2020.

Adrian Dennis | AFP | Getty Images

Nike‘s quarterly earnings and revenue trounced analysts’ estimates, the company reported Tuesday, as its online sales soared 82%, with kids stocking up on sneakers for the back-to-school season, and business picking back up overseas. 

Its stock jumped about 8% in after-hours trading. 

Here’s how the company did compared with what analysts were expecting: 

  • Earnings per share: 95 cents vs. 47 cents, expected 
  • Revenue: $10.59 billion vs. $9.15 billion, expected 

The company at the end of June reported an unexpected loss, as its revenue tumbled 38% year-over-year with a number of its stores temporarily shut. 

Nike shares as of Tuesday’s market close are up about 15% year-to-date. The company has a market cap of $182.5 billion. 

Find the full earnings release from Nike here

This story is developing. Please check back for updates. 



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