Nike Stock Jumps On Q4 Earnings Beat, $18 Billion Share Buyback

Nike  (NKE) – Get Nike Inc. Report posted stronger-than-expected fourth quarter earnings Monday as solid gains in its direct-to-consumer business offset a Covid-linked sales slump in China and surging transportation costs. 

The group also said it had authorized an $18 billion share buyback, which will be spread over the next four years.

Nike said earnings for the three months ending in May came in at 91 cents per share, down 2 cents from the same period last year but firmly ahead of the Street consensus forecast of an 81 cent profit. Group revenues, Nike said, 1% from last year to $12.24 billion, just ahead of analysts’ estimates of a $12.075 billion tally.

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