Nike shares rally as sales beat Street estimate by more than $ 1 billion – .

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Nike shares rally as sales beat Street estimate by more than $ 1 billion – .


Shares of Nike Inc. rose during the extended session on Thursday after the company topped Wall Street revenue estimates by more than $ 1 billion, a far cry from last year’s quarter when sales were hit by the COVID-19 pandemic.

Nike,
+0.38%
shares jumped 4% after-hours, after rising 0.4% in regular session to close at $ 133.60.

The world’s largest seller of athletic footwear and apparel reported fourth-quarter net income of $ 1.51 billion, or 93 cents per share, compared with a loss of $ 790 million, or 51 cents per share, during the period of the previous year.

Revenue reached $ 12.34 billion, up from $ 6.31 billion in the quarter last year, when physical stores were closed due to the pandemic.

Analysts polled by FactSet had forecast a profit of 51 cents a share on revenue of $ 11.03 billion.

“As we move forward on our consumer-centric digital transformation, we are building a new financial model that will continue to fuel long-term, sustainable and profitable growth for Nike,” said Matt Friend, Chief Financial Officer of Nike, in a press release.

Nike shares have risen nearly 34% in the past 12 months, compared to a 34% increase by the Dow Jones Industrial Average DJIA,
+0.95%,
of which Nike is a component, and a 40% gain in the S&P 500 SPX index,
+0,58%.

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