Nike Inc (NYSE: NKE) reported stronger-than-expected results for its second quarter on Friday.
The "Just-do-It" company, out of Beaverton, Oregon, pointed to second quarter reported revenues were $11.2 billion, up 9% compared to prior year and up 7% on a currency-neutral basis* driven by growth across all geographies, led by Greater China reported revenue growth of 24%.
NIKE Direct sales were $4.3 billion, up 32% on a reported basis, and up 30% on a currency-neutral basis, with double-digit growth across all geographies
NIKE Brand digital sales increased 84%, or 80% on a currency-neutral basis, with triple-digit growth in North America and strong double-digit increases in EMEA, Greater China and APLA
Diluted earnings per share for the quarter proved to be $0.78, up 11%. Inventories declined 2% versus prior year and have returned to healthy levels globally.
CEO John Donahoe said, "NIKE’s strong results during a dynamic environment show the power of staying on the offense. Fueled by compelling innovative product and global brand momentum, we continue to extend our leadership. Our strategy is working, and we are excited for what’s ahead."
The company’s second quarter revenue performance was impacted by strong NIKE Brand digital growth of 84%, offset by lower revenue in our wholesale business and NIKE-owned stores.
NIKE says it continues to experience year-over-year declines in physical retail traffic in North America, EMEA and APLA due to COVID-19 impacts and safety-related measures, partially offset by higher conversion rates.
NKE shares leaped $10.22, or 7.4%, to $147.50
