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Nike Results Beat in Q4 on Strong Reopening, Digital Sales

Stock MarketsJun 25, 2021 04:40
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© Reuters.

By Yasin Ebrahim

Investing.com - Nike (NYSE:NKE) reported on Thursday fourth quarter earnings that beat analysts' expectations as reopening of its retail stores and ongoing strength in digital sales bolstered performance.  

Nike shares gained 3.09% in after-hours trade following the report.

Nike announced earnings per share of 93 cents on revenue of $12.34 billion. Analysts polled by Investing.com anticipated EPS of 51 cents on revenue of $11.11 billion.

Gross margin for the fourth quarter increased 850 basis points to 45.8%. The margin expansion was driven by "lower factory cancellation charges, lower inventory obsolescence reserves as well as the favorable rate impact of supply chain fixed costs on a higher volume of wholesale shipments," Nike said.

North America revenue swelled to a record, up 131% as the reopening of markets and the return of sport underpinned demand.  In Europe, the Middle East and Africa,  revenue more than doubled, up 134% year-on-year and 21% from the pre-pandemic period of 2019.

Nike brand digital sales increased 41% from the prior-year period and 147% from 2019. 

“FY21 was a pivotal year for NIKE as we brought our Consumer Direct Acceleration strategy to life across the marketplace. Fueled by our momentum, we continue to invest in innovation and our digital leadership to set the foundation for NIKE’s long-term growth.” said John Donahoe, president & CEO.

Nike Results Beat in Q4 on Strong Reopening, Digital Sales
 

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