$Nike Inc(NKE.US)$ stock was rising after the company reported better-than-expected earnings.
The sports apparel and accessories company reported a profit of 93 cents a share on sales of $12.3 billion for its fiscal fourth quarter, which ended May 31. That beat estimates for a profit of 51 cents per share on revenue of $11 billion.
Highlight
Fourth-quarter reported revenues were $12.3 billion, up 96 percent compared to the prior year and increasing 21 percent compared to the fourth quarter of 2019.
Full-year reported revenues increased 19 percent to $44.5 billion.
NIKE Direct fourth-quarter sales increased 73 percent to $4.5 billion.
The gross margin for the fourth quarter increased 850 basis points to 45.8 percent.
Diluted earnings per share for the fourth quarter was $0.93 and for the full year was $3.56.
NIKE's strong results this quarter and full fiscal year demonstrate NIKE's unique competitive advantage and deep connection with consumers all over the world.
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.
-John Donahoe, President & CEO, NIKE
In a statement to investors, Chief Executive Officer John Donahue attributed the company’s strong results to its Consumer Direct Acceleration strategy—NIKE Direct sales rose 73% to $4.5 billion, during the fourth quarter. Wholesale shipments were higher as well.
Driven by year-over-year digital sales growth of 147%, currency-adjusted revenue increased 88% compared with the same period last year, confirming that demand for athleticwear and wellness products remains strong even as people return to the office.
More business highlight: NIKE REPORTS FISCAL 2021 FOURTH QUARTER AND FULL-YEAR RESULTS
Source: Barron
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