Nike Inc. (NKE) stock spikes after beating Q1 2021 estimates

Nike Inc.’s (NYSE: NKE) profit and revenue in the first quarter of fiscal 2021 surpassed the market’s estimates and sent the NKE stock up by about 7% in the extended trading hours. The sportswear giant reported a profit of $0.95 per share, up 10% year-over-year. Revenue declined 1% to $10.59 billion on a reported basis.

NIKE Direct sales increased 12% with growth across all geographies. NIKE Brand digital sales increased 82% with double-digit increases across North America, Greater China, and APLA and triple-digit growth in EMEA.

Despite opening a majority of stores in the quarter, Nike experienced year-over-year declines in physical retail traffic across the marketplace due to COVID-19 impacts and safety-related measures,

“Our results this quarter continue to demonstrate NIKE’s full competitive advantage, as we strengthen our position in the midst of disruption,” said CEO John Donahoe.