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Nike (NKE) Reports Third Quarter Fiscal 2022 Results

A man walks past a display of Nike products on February 22, 2021 in New York City.

John Smith | Corbis News | Getty Images

Nike on Monday reported fiscal third-quarter earnings and sales that beat analysts’ estimates, helped by robust demand in North America as consumers returned to stores.

The better-than-expected results proved Nike’s ability to operate in a volatile environment, CEO John Donahoe said in a press release. “Market demand continues to significantly exceed the supply of available inventory,” he added.

The shares rose more than 5% in after-hours trading.

Here’s how Nike fared in its third fiscal quarter compared to what Wall Street expected, based on a Refinitiv analyst survey:

  • Earnings per share: 87 cents against 71 cents expected
  • Income: $10.87 billion vs $10.59 billion expected

Nike reported net income for the three months ended Feb. 28 of $1.4 billion, or 87 cents per share, compared with $1.45 billion, or 90 cents per share, a year earlier. That topped earnings estimates of 71 cents per share, according to Refinitiv data.

Sales rose 5% to $10.87 billion from $10.36 billion a year earlier, beating analysts’ expectations of $10.59 billion.

Nike said sales in its biggest market, North America, rose 9%. Sales in Greater China, the company’s third-largest market behind its Europe, Middle East and Africa segment, fell 5% from a year earlier.

As of Monday’s market close, Nike shares are down 22% this year.

Find the full press release on Nike’s results here.

This story is developing. Please check for updates.

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