Nike, the American sportswear giant has outdone analysts’ expectations with its first-quarter income for 2019-2020. For this, the company shares rose over 5.5%, higher than the previous record of US$ 90.
The earning for Q1 2019-2020 was US$ 10.66 billion compared to US$ 10.44 billion estimated by analysts, while it reported 86 cents as compared to the estimated 70 cents a share.
This quarter ended 31 August and net income climbed to US$ 1.37 billion, or 86 cents a share, from US$ 1.09 billion, or 67 cents per share, a year ago.
The revenue was up by 7.2% to US$ 10.66 billion from US$ 9.95 billion a year ago. Sales in North America were up 4%, while those in greater China surged 27%.
In this quarter, various innovations like the new Joyride running shoe has added a special dimension. Stronger e-commerce business approach has made this more strategic.
An identical rise in online sales have witnessed as 42% and double-digit growth from womenswear is a great response. Tennis champion Serena Williams has appointed to create campaigns for further expansion in women’s market along with creating campaigns to capture more attention in that segment. This will generate more attention to this segment.
CEO of Nike, Mark Parker has stated that Nike had its biggest back-to-school season ever for kids, on the heels of it launching a subscription box for children’s sneakers.
Last year in Shanghai, Nike’s first House of Innovation store sells one-of-a-kind merchandise and personalized gear.