Nike Inc. shares jumped 4.9% in after-hours trading on Wednesday after the sneaker giant reported second-quarter sales that nearly doubled from the year-ago period. Although, there were some tough times in the business because of Covid-19 as the shops were closed down and there was no business. In the analysis that has been, it has been reported that the sales of Nike have increased to $12.34 billion. In the previous years, the sales were recorded at just $6.31 billion.
Within just a year, and covid effects too, this spike in sales has been one of the most debatable topics for all. In a statement given by the company, it is reported that the company has received a profit of $1.51 billion after reporting a loss of $790 million in the last year. In the stock market, Nike shares were termed as the weakest of all in the Dow Jones Industrial Average. But after this announcement, the stakes have taken a roll, and now a 4.9% rise has been seen in the shares.
Though, it is still hard to believe that in such alarming situations like a covid pandemic, how can the sales increase so much and in such a short span of time. However, the company analyst estimated that the sales would be increasing, and a certain amount was told. But it looks like the figure that was calculated has been a bit more than the actual sales. But the company would take these numbers of sales too. Digital sales have also increased. Almost 147% as compared to the sales in the previous year. It looks like there are still some more goals that the company can achieve by the end of this year.
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