Nike rebounds Brand beats forecasts
Global sportswear brand Nike surprised analysts last night by beating their forecasts for second-quarter earnings and sales. The company’s shares, having been under pressure earlier in the day, soared by 8 per cent in after-hours US trade. Earnings per share were 52 cents, ahead of estimates by 6 cents. Sales of $9.4 billion compared to forecasts of $9.17 billion, with the company reporting particular strength in China and north America. Billions of dollars were briefly wiped off Nike’s share price earlier this year after the company said controversial American footballer Colin Kaepernick would be the face of its latest marketing campaign. Kaepernick is famous for kneeling during the US national anthem before games as a protest against police brutality towards African-Americans. Pictured is a Nike ad featuring Kaepernick on display in New York.