Nike, Inc. (NYSE: NKE) said its third-quarter profit grew in double-digits as the ongoing demand recovery boosted sales. Earnings also topped expectations, while the top-line missed.
Reflecting the improvement in demand conditions, third-quarter revenues grew 3% annually to $10.36 billion. As a result, net profit moved up to $1.45 billion or $0.90 per share from $847 million or $0.53 per share in the third quarter of 2020. Analysts were looking for slower growth.
Shares of Nike entered 2021 on an upbeat note and hit an all-time high in the early weeks. They closed Thursday’s trading lower and continued to lose in the after-hours following the quarterly report.
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