Nike posts mixed results as sales fall short of estimates, hurt by U.S. port congestion

A man walks in front of a Nike products exhibit, on February 22, 2021 in New York City.
John Smith | Corbis News | Getty Images

Nike posted mixed quarterly results on Thursday, as sales fell short, hurt by U.S. port congestion, which led to inventory delays, and stores faced temporary closures in Europe.

Its shares were down around 1% in after-hours trading.

Here’s how Nike did during the quarter ended Feb. 28, compared with what analysts were expecting, based on a survey by Refinitiv:

  • Earnings per share: 90 cents vs. 76 cents expected
  • Revenue: $10.36 billion vs. $11.02 billion expected

Nike reported net income of $1.45 billion, or 90 cents per share, compared with $847 million, or 53 cents per share, a year earlier. That was better than the 76 cents per share that analysts were expecting, based on Refinitiv data.

Total sales rose to $10.36 billion from $10.1 billion a year earlier. That was lower than the $11.02 billion forecast by analysts.

Nike said its direct-to-consumer business grew 20% year over year to $4 billion. And online sales surged 59%.

Nike shares are up more than 110% over the past 12 months, as of Thursday’s market close. It has a market cap of more than $225 billion.

Find the full press release from Nike here.

This story is developing. Please check back for updates.

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