Nike shares soared 13% in extended trading Tuesday as the company reported an 82% increase in online sales and offered up an outlook that calls for demand to grow through the holidays.
The company has used the coronavirus pandemic as an opportunity to accelerate its digital business, and its women’s apparel division grew nearly 200%. As parents stocked up on back-to-school items, and its business picked back up in key markets like China, Nike said its Jordan brand is looking “stronger than ever.”
The company also offered a fresh outlook for fiscal 2021, expecting sales to be up high single digits to low double digits from a year earlier. The outlook comes at a time when many of its rivals are avoiding financial guidance.CNBC