Athletic apparel giant Nike has released its earnings report for its most recent fiscal quarter ended May 31, 2021. The report shows Nike beating analyst estimates by a large margin, with sales up 96% year-over-year.

• Nike brought in $12.3bn in sales in the quarter. Net income was $1.5bn, compared to a $790mn loss in the same quarter of the previous year.

• For the fiscal year leading up to May 31, Nike reported $44.5bn in sales, compared to $37.4bn in the previous year.

• From its $12.3bn quarterly revenue, the majority as usual came from Nike brand sales ($11.8bn) and a minority from Converse ($596mn).

• The earnings report shows that Nike has largely recovered from an earnings slump caused by the Covid pandemic last year. The company was a victim of widespread physical retail shutters that brought down sales amid the pandemic.

• In light of its recovery, Nike used its profits to pay dividends as well as resume a share buyback program. The company paid $1.6bn in dividends and bought back shares worth $690mn in its recent fiscal year. 

• After the earnings report, Nike shares closed up 15.5% on Friday. The company closed the day at $154.35 per share, with a market cap of $244bn.

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