Shares of Nike Jump Nearly 8% After Better-than-expected Earnings Report
Shares of Nike Inc. jumped nearly 8 percent in after-hours trading on Thursday after the sportswear giant reported fourth-quarter earnings that beat expectations and announced a program to sell sneakers through Amazon.com Inc.
Shares of Nike added 7.81% to trade around $57.32 after the closing bell as the company posted net income of $1.01 billion, or 60 cents per share, up from $846 million, or 49 cents per share that were recorded one year ago. The result was well above analysts’ forecast for earnings per share of 50 cents.
Nike reported revenue of $8.7 billion which topped both last year’s $8.2 billion and economists’ expectation calling for revenue of $8.6 billion.
Nike CEO Mark Parker on Thursday said that the company “a limited Nike product assortment” of footwear, apparel, and accessories would be sold on Amazon in an attempt to improve Nike’s presence on the e-commerce site.
Buy Stop at 57.35, Take profit at 58.00, Stop loss at 57.00