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Nike soars 15% on Wall Street for its good results

New York, Jun 25 (.) .- The sportswear firm Nike shot up 15% this morning at the opening of Wall Street after registering an improvement in its quarterly and annual results, as a result of its digitization efforts and recovery of the covid-19 pandemic.

At 9.45 a.m. local time on the New York Stock Exchange (13.45 GMT), Nike shares reached a price never seen before, of $ 154.19, rising more than 15% in a good reaction from investors to their accounts presented after yesterday’s logout.

Nike has reported its fiscal year 2021, ended on May 31, in which it obtained a net profit of 5.727 million dollars, 127% more compared to the profits of the previous year, marked by the closure of its stores in almost all of the world to prevent contagions.

Annual turnover was 44,538 million, 19% more year-on-year, with strong growth in its Nike Direct business, dedicated to the type of “direct to consumer” sales and digital commerce, initiatives reinforced after the coronavirus crisis.

As for the fourth quarter, in which investors were most focused this morning, Nike had a profit of 1,509 million compared to the losses of 790 million in the same section in 2020, and the turnover was 12,344 million, 96% year-on-year.

Nike CEO John Donahoe attributed the “strong” results to the brand’s “competitive advantage” and its connection to consumers around the world, calling fiscal year 2021 “momentous” in accelerating its strategy of ” direct to consumer “.

The company highlighted the record sales during the fourth quarter in its most important region, North America, up to 5,380 million, with an increase of 141% year-on-year and 29% compared to that section of 2019.

“As markets reopened and sport returned, North America’s digital business continued to see strong growth, increasing 54% over the prior year and 177% over the fourth quarter of 2019,” said a statement.

According to analysts, Wall Street reacted optimistically especially to the billing forecasts for fiscal year 2022 that the firm has begun, in which it expects to obtain sales of 50,000 million dollars.

(c) . Agency

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