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Nike shares set for record high after digital sales power stellar results

Nike Inc's shares were set to open at a record high on Wednesday after the world's largest sports shoemaker posted stellar quarterly results, driven by online sales.

9/23/2020 10:05:00 PM

Shares of Nike sprinted to a record high at the start of trading, after the world's largest athletic shoemaker beat profit estimates, driven by strong online sales $NKE

Nike Inc's shares were set to open at a record high on Wednesday after the world's largest sports shoemaker posted stellar quarterly results, driven by online sales.

Reuters Staff2 Min Read(Reuters) - Nike Inc’s shares were set to open at a record high on Wednesday after the world’s largest sports shoemaker posted stellar quarterly results, driven by online sales.Shares of the company were up 12.6% at $131.6 in premarket trading.

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The brand’s digital sales, especially in North America, helped offset fall in sales at traditional brick-and-mortar stores due to COVID-19 restrictions and social-distancing measures.At least seven brokerages raised their 12-month price targets on the stock with the biggest bump coming from Jefferies analysts, who raised their target to $117 from $95.

Jefferies analyst Randal Konik said that improvement in North America is the “biggest positive surprise” from Nike’s results, and expects the Beaverton, Oregon-based company to do well in the long term, as consumers focus more on health and wellness.Nike’s results should come as a relief to investors after the company, just a quarter ago, reported a surprise loss of $790 million as retailers canceled orders and people kept away from Nike stores in key markets including North America, Europe and China.

“Nike offered its clearest signal yet that a higher digital mix and improving margins within the digital segment will push consolidated margins above historical levels,” Credit Suisse analyst Michael Binetti said.Reporting by Aakash Jagadeesh Babu and Aniruddha Ghosh in Bengaluru; Editing by Vinay Dwivedi

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All those blm supporters buying their casuals... Knowing full well it came from slave labour!! hypocrites Cheap slave labor? And they are all made in China, no wonder all these athletes including KingJames are quiet about blaming China for the virus...money talks! I like the sales but I'd rather wait until the next brotha gets popped in NY and go smash and grab style instead. NomSayin? GemmeDat NewKiks

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Nike Stock Jumps Nearly 10% After Reporting Surge In Online SalesNike’s digital sales rose 82% last quarter, even as many of its stores reopened. Those slave kids making the shoes must be thrilled. It's mostly because they don't allow the majority of their shoes to be sold on amazon anymore. This just happened at the end of last year I believe, didn't see it in the article anywhere.

Nike shares set for record high after digital sales power stellar resultsNike Inc's shares were set to open at a record high on Wednesday after the world's largest sports shoemaker posted stellar quarterly results, driven by online sales. While locally owned shore stores go out of business. But I thought far right warriors were leading a boycott of Nike. Almost like taking the right side of an issue pays off.

Nike expected to return to profit as online sales, demand from China pick upStrong online sales and demand from Chinese shoppers and students heading back to school are expected to have helped Nike swing back to a profit in the first quarter, a sequential improvement from the surprise loss it posted in July, according to Refinitiv. Hard not to make a profit from selling shoes made by low cost forced labour, selling it at high price and low transportation costs because the manufacturers and consumers are all in China. YOU NEVER IMAGINED IT WOULD BE OVER... Get free ebook 'HEALING THE WOUND OF DIVORCE' to guide you and help you become the best version of your self... NationalVoterRegistrationDay TMobileTuesdays FirstDayofFall JoeKnowsHow bcpoli XboxSeriesX WWE Nike will never return to profit if they wait for me to buy their garbage.

Nike shares soar as sales top expectations, thanks to digital growthSteve Brice of Standard Chartered Private Bank expects a sharp pick-up in retail spending with China's Golden Week holidays coming. And he favors China's consumer discretionary sector where he expects policy support to continue. Analysits are paid to underreport so they can rig the gains. kavitath That's the way forward for India too but NOT in Consumer Spending but in Farming too. Once this is realized , all the farmers will be getting better price for their produce. I wish all my farmers brother good luck to be High Tech now.

Nike stock rallies after big earnings beatNike Inc. shares surged in the extended session Tuesday after the athletic apparel company blew past Wall Street estimates for the quarter. Nike shares...