NIKE Inc. (NKE) Thursday reported its first-quarter results, with profit increasing from last year and beating Wall Street view, largely driven by revenue and margin growth. However, shares of the athletic footwear and apparel maker slipped over 2% in extended session after revenues missed estimates.
Beaverton, Oregon-based Nike's first-quarter profit rose to $1.87 billion or $1.16 per share from $1.52 billion or $0.95 per share last year. On average, 22 analysts polled by Thomson Reuters estimated earnings of $1.11 per share for the quarter. Analysts' estimates typically exclude one-time items.
First-quarter revenues rose 16% to $12.25 billion from $10.59 billion last year. Analysts had a consensus revenue estimate of $12.46 billion for the quarter.
NIKE Direct sales were $4.7 billion, up 28 percent on a reported basis, while NIKE Brand Digital sales increased 29 percent.
"NIKE's strong results this quarter are continued proof of our deep consumer connections, unrelenting innovation pipeline and a digital advantage that fuels our brand momentum," said John Donahoe, President and CEO, NIKE, Inc. "We have the right playbook to navigate macroeconomic dynamics, as we create value through our relentless drive to fuel the future of sport."
Gross margins for the quarter increased 170 basis points to 46.5 percent.
Nike has been facing supply chain issues due factory closures in Vietnam, where the company sources almost half of its footwear, due to increased COVID-19 cases in the country.
NKE closed Thursday's trading at $159.58, up $2.14 or 1.36%, on the NYSE. The stock, however, slipped $3.60 or 2.26% in the after-hours trading.
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