Nike shares rose after the company reported strong earnings
Shares of Nike Inc. rose 4.9% in after-hours trading on Wednesday after the sneaker giant reported second-quarter sales nearly doubled from the year-ago period. Although there were some tough times in the business due to Covid-19 as stores closed and no business. In the analysis that has been done, it has been reported that Nike’s sales have increased to $12.34 billion. In previous years, sales were recorded at just $6.31 billion.
In just one year, and COVID-19 effects also, this increase in sales has been one of the most debated topics for everyone. In a statement given by the company, it is reported that the company has made a profit of $1.51 billion after reporting a loss of $790 million in the last year. In the stock market, Nike shares were rated the weakest of all in the Dow Jones Industrial Average. But after this announcement, the bets have skyrocketed, and now a 4.9% rise in shares has been seen.
However, it is still hard to believe that in situations as alarming as a covid pandemic, how can sales increase so much and in such a short time? However, the company’s analyst estimated that sales would be increasing, and a certain amount was said. But it seems that the figure that was calculated has been a little more than the actual sales. But the company would also take these sales figures. Digital sales have also increased. Almost 147% compared to the sales of the previous year. It seems that there are still a few more goals that the company can achieve by the end of this year.
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