Nike quarterly revenue beats estimates

REUTERS: Nike Inc on Thursday reported quarterly revenue that beat Wall Street expectations, as the world’s largest footwear maker benefited from its push to sell merchandise through its app and stores.

Net income rose to US$1.12 billion, or 70 cents per share, in the second quarter ended Nov. 30, from US$847 million, or 52 cents per share, a year earlier.

The company’s revenue rose 10.2per cent to US$10.33 billion. Analysts on average had expected US$10.09 billion, according to IBES data from Refinitiv.

However, revenue from North America, its biggest market, increased 5.3per cent to US$3.98 billion, slightly lower than the average analyst estimate of US$4 billion.

(Reporting by Nivedita Balu in Bengaluru; Editing by Maju Samuel)