Remember when MAGA were burning their NIKE and predicting the downfall of the company because they signed Colin Kaepernick?
Yeah, it didn’t quite work out the way they thought.
Nike shares surged 7 percent in after-hours trading Thursday, as the athletic apparel company turned in quarterly earnings and revenue that beat analysts’ expectations with the help of strong global sales.
Although there had been concerns early in the quarter that a controversial ad campaign could dampen sales, there weren’t any signs of that.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
Earnings per share: 52 cents vs. 46 cents expected
Revenue: $9.37 billion vs. $9.18 billion expectedNike said revenue grew in nearly every category, with footwear and apparel seeing growth in the double digits globally. Digital sales led growth across both the Nike and Converse brands.
Nike said fiscal second-quarter net income rose 10 percent to $847 million, or 52 cents per share, from $767 million, or 46 cents per share, a year earlier. The results topped estimates of 46 cents per share from analysts surveyed by Refinitiv.
Net sales increased by 10 percent to $9.37 billion, topping expectations of $9.18 billion. Adjusting for currency fluctuations, revenue increased by 14 percent to $8.9 billion.
In North America, Nike’s biggest market, sales rose 9 percent to $3.78 billion.
The company made no mention of its ad campaign starring Colin Kaepernick in its earning release, but it appears that the controversy did not negatively affect sales.
The NFL should take note of this.
Flip the page for NIKE’s Kaepernick commercial.