Nike shares jump 10%, hit all-time high on strong quarterly outlook

Nike’s online sales soared 82% last quarter, defying the coronavirus recession and delighting investors.

The Washington County company’s shares jumped more than 10% in early trading Wednesday, the morning after Nike released its quarterly financial results. The stock was trading at $129, an all-time high.

Total sales in Nike’s fiscal first quarter were $10.6 billion, flat compared to the same three months last year. Sales were held down by the pandemic, which has closed retail stores around the world.

Online sales nearly made up for that drop, though, producing quarterly results that far exceeded Wall Street’s expectations and affirming a new strategy that emphasizes Nike’s digital business.

Quarterly profits totaled $1.52 billion, or 95 cents a share. That’s compared to profits of $1.37 billion, 86 cents a share, in the same quarter a year earlier.

“In this dynamic environment, no one can match our pace of launching innovative product and our Brand’s deep connection to consumers,” new Nike CEO John Donahoe said in Tuesday’s announcement. These strengths, coupled with our digital acceleration, are unlocking NIKE’s long-term market potential.”