Nike, Inc. (NYSE: NKE) reported a profit for the fourth quarter of 2021, compared to a loss last year, as revenues of the sneaker giant surged 96% aided by strong demand. The results also topped Wall Street’s expectations.
Fourth-quarter revenues jumped 96% annually to $12.3 billion, reflecting the continued improvement in demand conditions, and surpassed experts’ prediction. As a result, the company turned to a profit of $1.5 billion or $0.93 per share from a loss of $790 million or $0.51 per share in the fourth quarter of 2020. Analysts were looking for a smaller number for the latest quarter.
The company’s stock had entered 2021 on an upbeat note and peaked in the early days of the year, but lost momentum since then and experienced high volatility. It closed Thursday’s trading higher and continued to gain in the after-hours following the quarterly report.
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Like other leading store operators, Costco Wholesale Corporation (NASDAQ: COST) went into overdrive when people stockpiled on essential items after coronavirus threw normal life out of gear in early 2020.
Nike Inc. (NYSE: NKE) reported first quarter 2022 earnings results today. Total revenue increased 16% year-over-year to $12.2 billion. Net income rose 23% to $1.9 billion while EPS grew 22%
Warehouse chain Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the fourth quarter of 2021. The results also topped expectations. Fourth-quarter net sales grew 17.5% annually to