Nike’s first quarter shines as direct-to-consumer push gains momentum

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Nike Inc’s quarterly revenue and profit beat market expectations on Tuesday as a push to sell sneakers and apparels to consumers through its own stores and online retailers gained pace, boosting margins and sending its shares up 5%.

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(Reuters) – Nike Inc’s (NKE.N

FILE PHOTO: Nike shoes are seen on display in New York, U.S., March 18, 2019. REUTERS/Shannon Stapleton/File Photo GLOBAL BUSINESS WEEK AHEAD

The results “exemplify Nike’s persistent defiance of retail gravity, led by China”, CFRA analyst Camilla Yanushevsky said.

Sales from its digital platform, which includes apps and websites, grew 42%.

Overall revenue rose 7.2% to $10.66 billion and it earned 86 cents per share. Analysts were expecting revenue of $10.44 billion and profit of 70 cents, according to IBES data from Refinitiv.

Reporting by Nivedita Balu in Bengaluru; Editing by Arun Koyyur


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Author:

Nike Inc’s quarterly revenue and profit beat market expectations on Tuesday as a push to sell sneakers and apparels to consumers through its own stores and online retailers gained pace, boosting margins and sending its shares up 5%.

Source: {authorlink}

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