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.
Read management/analysts’ comments on Nike’s Q4 results
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.