NEW YORK: Nike Inc reported its best quarterly revenue growth in more than a decade barring one quarter and handily beat profit expectations on Tuesday, as North American shoppers rushed to stock up on sneakers and sportswear before the holidays.
Shares in the world’s largest sportswear maker surged 13% in after-market trading.
Steeper discounts and increased promotions to reduce excess inventory through the quarter helped the Beaverton, Oregon-based company boost sales and attract recession-wary customers. Wealthier shoppers also helped maintain a pandemic-led boom in athletic apparel sales.
Nike’s finance chief Matthew Friend said on a post-earnings call the company had made good progress in clearing inventory during the quarter, and that products for the spring season were arriving earlier with faster transit times.ent.
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