Nike has surged past revenue projections as the sportswear giant returns to profit following a COVID-19 slump.
Predicted to hit $9.11b in revenue in its fiscal first quarter, Nike powered through to achieve $10.6b in revenue, while also posting 95 cents a share in earnings.
Nike shares were up nine per cent, Wednesday morning, hitting an all-time intraday high of $130.38.
Nike’s stellar bounce-back appears to be fuelled by strong online sales and demand from Chinese shoppers and students heading back to school and a rise in e-commerce sales.
Prior to the pandemic, Nike set a goal of having its e-commerce sales represent 30 per cent of total revenue by 2023. However, it has already surpassed that.
While the company didn’t detail the exact percentage, it said online sales were more than 30% of total sales during the latest quarter. It’s now on track to break 50% in coming years.
“The accelerated consumer shift toward digital is here to stay,” CEO John Donahoe said Tuesday. “Digital is fueling how we create the future of retail.”
“Nike’s digital transformation strategy is not easily replicated,” he added. “Simply put, scale matters, and Nike leads.”
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