Nike Smashes Revenue, Profit Estimates On North America Online Boom

The brand’s digital sales surged 82% in the first quarter ended Aug. 31, with at least double-digit rises recorded in all regions. In the prior quarter, Nike reported a 75% increase in online sales, which are now nearly a third of total revenue – a goal Nike had previously set a for 2023.

Shares in the Portland, Oregon-based company have risen 16% this year and are set to open on Wednesday at an all-time high of about $127. Nike has gained favor among shoppers this year with investments in marketing itself as a socially conscious company, prominently supporting movements like Black Lives Matter and Time to Vote.

Earnings before interest and taxes rose 18% in North America, Nike’s biggest market, with footwear sales up 11% to nearly $3 billion.

Tuesday’s results are a far-cry from those of just a quarter ago, when Nike reported a surprise loss of $790 million as retailers canceled orders and people kept away from Nike stores in key markets like North America, Europe and China. Margins