Nike shares jumped nearly 15% in early trading Friday to an all-time high, after the company topped earnings expectations and announced a full-year sales forecast that was significantly higher than expected.
The shoe maker says it expects sales to top $50 billion this year as customers around the world emerge from the pandemic. Sales in both North America and China are higher, the company said.
“These are times when strong brands can get stronger,” said CEO John Donahoe in an earnings call Thursday. “Today we are better positioned to drive sustainable long-term growth than we were before the pandemic.”
Nike was trading at $152, a 13.77% increase, as of 10:20 a.m. EDT, bringing its market cap to over $240 billion.
The company reported revenue of $12.3 billion last quarter—nearly $1 billion more than analysts were expecting. In the earnings call, it highlighted its Jordan brand, along with the women’s business, apparel, and international categories, saying sales were especially strong. It also reported a 73% increase in direct sales through its apps and websites.
“In fiscal ’21, Jordan Brand grew 31%, propelling the business to nearly $5 billion,” said Donahoe. “Jordan’s women’s business nearly tripled in Q4, fueled by compelling product, such as the Flight Essentials apparel collection.”
And he expressed even more optimism for the future.
“As we start welcoming employees back to work in our new state-of-the-art design and innovation centers, I know that our innovation pace will only quicken as we reinvent what’s possible,” he said.
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