Nike Inc. posted record quarterly sales, topping $12 billion for the first time in its 50-year history, on suppressed US consumer demand for sneakers and sportswear this spring.Revenue in May ended quarter almost doubled to $12.34 billion from $6.31 billion a year ago when sales were suppressed by the spread of Covid-19. Nikeâs direct sales-those items ordered through its apps, websites, or won stores-climbed 73% to $4.5 billion.Shares leaped 12% in after-hours trading, as the sales and profits were better than Wall Street had forecast. Nikeâs net income was $1.5 billion, compared with a net loss of $790 million in the year-ago quarter.âThese are times when solid brands can get stronger, and each quarter, this reality becomes even more clear,â stated CEO John Donahoe on a call on Thursday with analysts.During the pandemic, many professional and youth sports were discontinued. Nike temporarily closed its retail stores and continued to pay its workers, and doubled down on digital sales while consumers were confined to their homes.
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