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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Nike Inc | NYSE:NKE | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.07 | -0.08% | 92.34 | 93.65 | 91.87 | 93.08 | 5,784,714 | 01:00:00 |
From May 2019 to May 2024
By Dave Sebastian
Shares of Nike Inc. (NKE) rose nearly 6% in premarket trading Wednesday after the company on Tuesday reported a 7% increase in fiscal first-quarter sales, driven by sales gains in China.
Overall sales increased to $10.66 billion from $9.95 billion a year earlier and exceeded the $10.44 billion expected for the quarter by analysts polled by FactSet.
Nike said its Greater China revenue climbed 22% to $1.68 billion for the quarter, showing the region's strength as a growth driver despite trade tensions with the U.S. The company, which doesn't own factories, produces about 25% of its global apparel and footwear in China.
The Beaverton, Ore.-based company's profit was $1.37 billion, or 86 cents a share, up 25% from a year earlier. Analysts were expecting 71 cents a share.
On an earnings call, Nike's Chief Executive Mark Parker said the company's international and digital businesses grew 16% and 42%, respectively.
Susquehanna Financial Group LLP on Wednesday raised Nike's price target to $106 from $100.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
September 25, 2019 07:07 ET (11:07 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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