Nike Shares Surge More Than 14%, Hit Record High As $50 Billion Sales Outlook Tops Expectations
Pedestrians walk past the American multinational sport clothing brand, Nike store and its logo seen in Hong Kong. Nike shares surged more than 14% on Friday morning, hitting a record high, after the sneaker maker forecast full-year sales topping $50 billion as its North American business rebounds from the lows of the coronavirus pandemic. And in greater China sales appear to be improving, with Nike management saying the company is confident about its ability to regain trust with customers there, amid threats to boycott Western brands over their comments expressing concern about alleged forced labour in Xinjiang. "These are times when strong brands can get stronger, and each quarter this reality becomes even more clear," Nike Chief Executive Officer John Donahoe said during an earnings call Thursday evening. Nike's stock was trading $152.70 at 9:35 a.m. ET. The retailer, which has a market cap of more than $211 billion, last saw its stock hit an all-time high of $147