Wednesday, September 23, 2020 4:57 AM EDT
Shares in Nike (NKE) soared around 13% higher in premarket trading as the company posted a whopping 82% increase in digital sales and a rise of 6% in sales in China. However, Nike's largest market, North America, posted a fall of 2% in overall sales.
Nonetheless, investors enjoyed the impressive report over the coronavirus pandemic period sending its stock price immediately higher.
The bullish results are a strong reversal from Nike's previous quarterly results: which showed an unexpected loss due to the closure of many of its stores. While North American sales were down, they did beat analyst expectations. Overall, the company posted earnings per share of 95 cents against an expected 47 cents.
Nike also offered forward guidance - something many other companies are avoiding. Management expects demand to grow through the holiday season and expect sales to be in the high single digits for 2021.
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