Nike profit, revenue up as direct selling gains momentum

profit beat Wall Street estimates on Tuesday as the sportswear maker’s strategy to sell sneakers and apparel directly to consumers through its own stores and online retailers powered growth. Shares of the Oregon-based company rose more than 5 per cent to US$91.84 in extended trading, putting them on course to open at a record high on Wednesday. Wall Street has been bullish about Nike after the world’s largest footwear maker unveiled “Nike Direct,” a push to sell more of its products directly to customers through online platforms such as Amazon.com Inc., rather than wholesalers. Nike has also launched pop-up stores that caters to “sneakerheads” or loyal fans of the brand in several big U.S. cities in an effort to build a strong relationship with its customers and gain market share.