Nike Shares Rise Premarket on 1Q Results
September 25 2019 - 7:22AM
Dow Jones News
By Dave Sebastian
Shares of Nike Inc. (NKE) rose nearly 6% in premarket trading
Wednesday after the company on Tuesday reported a 7% increase in
fiscal first-quarter sales, driven by sales gains in China.
Overall sales increased to $10.66 billion from $9.95 billion a
year earlier and exceeded the $10.44 billion expected for the
quarter by analysts polled by FactSet.
Nike said its Greater China revenue climbed 22% to $1.68 billion
for the quarter, showing the region's strength as a growth driver
despite trade tensions with the U.S. The company, which doesn't own
factories, produces about 25% of its global apparel and footwear in
China.
The Beaverton, Ore.-based company's profit was $1.37 billion, or
86 cents a share, up 25% from a year earlier. Analysts were
expecting 71 cents a share.
On an earnings call, Nike's Chief Executive Mark Parker said the
company's international and digital businesses grew 16% and 42%,
respectively.
Susquehanna Financial Group LLP on Wednesday raised Nike's price
target to $106 from $100.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
September 25, 2019 07:07 ET (11:07 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Nike (NYSE:NKE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Nike (NYSE:NKE)
Historical Stock Chart
From Apr 2023 to Apr 2024
