Nike's Shares Soar as Online Sales Increase 82%
Nike’s shares rose by 13% in extended trading on Tuesday as the company reported digital sales had increased 82%, including triple-digit growth in the Europe, Middle East and Africa markets. The company’s sales in China rose by 6% during the latest period. Although North American sales were down by 2% in the same period, gross North American sales of $4.23 billion still exceeded analysts' predictions of $3.39 billion. Several other athletic brands have also reported positive results in recent weeks including Lululemon and Under Armour.
In recent years, Nike has shifted its focus from selling through third-party retailers to its own direct-to-consumer sales channels and e-commerce business which has put the company in a stronger position compared to other retailers who have been hit hard by the pandemic. As consumers avoid department stores and shopping malls, the company has invested in its website and mobile apps as well as opening flagship locations in major markets and smaller stores to act as pickup hubs for online orders.
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