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Nike Inc. beat quarterly revenue estimates on Monday, helped by robust holiday demand for its sports shoes and apparel in North America.
The world’s biggest sportswear maker’s shares rose 4.4 percent to $136 in extended trading.
Sports and casual apparel have become a more intrinsic part of everyday fashion since the onset of the pandemic, as people ditch office attire for sweatpants and joggers, boosting sales at Nike and rivals such as Under Armour and Adidas.
Nike’s sales in North America, its largest market, jumped 9 percent in the company’s third quarter, also boosted by the return of school sports and price increases.
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The company’s revenue rose 5 percent to $10.87 billion in the third quarter ended Feb. 28, while analysts had expected $10.59 billion, according to IBES data from Refinitiv.
By Uday Sampath; Editing by Shounak Dasgupta
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