Nike revenue beats as digital growth offsets rare China sales fall on virus hit
FILE PHOTO: The Nike swoosh logo is pictured on a store in New York City, New York, U.S., September 4, 2018. REUTERS/Carlo Allegri/File Photo
- Nike Inc beat Wall Street estimates for quarterly revenue on Tuesday, powered by demand in North America and Europe that blunted the drop in China sales due to the coronavirus-fueled shutdowns. Revenue rose 5.1% to $10.10 billion in the third quarter ended Feb. 29, while analysts had expected $9.80 billion, according to Refinitiv IBES data.
Net income fell to $847 million, or 53 cents per share, from $1.10 billion, or 68 cents per share, a year earlier, due to the hit to its Greater China business from the health crisis.
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