Nike overcame supply chain and manufacturing problems and outperformed expected earnings as the holiday season approached.
Nike reported second-quarter earnings of $ 1.34 billion, or 83 cents a share, up from 78 cents a year ago.
Sales rose to $ 11.36 billion from $ 11.24 billion a year ago, thanks to Black Friday sales that took countries before the end of the quarter on November 30th.
Analysts expected earnings of 63 cents per share and average sales of $ 11.25 billion.
Nike has struggled with production and supply in the second year of the coronavirus.
The company has previously looked at production issues in Vietnam amid rising cases in the country, as well as rising costs of delivering goods and paying employees.
“Nike’s strong results this quarter provide further evidence that our strategy pays off as we operate in a dynamic environment,” said CEO John Donahoe in a statement.
“We are now in a much stronger competitive position today than we were 18 months ago.”
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Source From: Capital
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