Nike Stock Reaches Highs on Positive Q1 Earnings
Nike has by far topped investor expectations with its first quarter earnings Tuesday, leading its shares to gains.
The brand announced earnings per share of 95 cents on revenue of $10.59 billion, way above analyst expectations of 44 cents on revenue of $8.89 billion.
The sportswear brand’s direct sales were reported to be $3.7 billion - a tremendous growth of 12%.
"Our first quarter revenue performance was impacted by strong NIKE Brand digital growth of 82 percent, offset by lower revenue in our wholesale business and NIKE-owned stores”, the company commented.
Following the report, Nike shares were seen up 8%, adding to the brand’s overall successful stock performance since the beginning of the year. Since year’s start, Nike shares have grown over 15%.
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