Strong China sales boost Nike results, shares rise
New York (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...
Nike cheers return of pro sports as earnings top expectations
New York (AFP) - Nike shares rocketed higher Tuesday after the company reported blowout quarterly earnings on strong digital sales and its CEO cheered the return of pro sports.The sports giant, which suffered bruising losses in the prior quarter due to the coronavirus pandemic, notched an 82 percent increase in digital sales in the quarter ending August 31, offsetting lower revenue in its wholesale business and declines in retail stores, where traffic is still down due to Covid-19.The company experienced big increases among consumers working out on the Nike Training app, while the "Nike Runnin...