Rise in online sales amidst pandemic fuels Nike shares to rise and boosts annual revenue outlook

From Lauren Thomas of CNBC: Nike on Friday reported quarterly sales and earnings that topped analysts’ estimates, driven by triple-digit growth online in North America and strong demand for its sneakers and workout apparel from Chinese consumers. It was able to cut expenses as it spent less on marketing during sporting events due to the pandemic. The lower costs boosted profitability. Strong sales during¬†Alibaba‘s Single’s Day in China, and Black Friday in the U.S., also helped it barrel into the holidays with tighter inventories, reducing the need for discounting. “These are…

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