Nike holiday sales top estimates, helped by better than expected North America growth

Nike reported better-than-expected holiday sales, driven by solid growth in North America. Earnings per share for the period reached 77 cents compared to the expected 74 cents, while revenue amounted to $12.43 billion versus an estimated $12.28 billion. Despite a decrease in net income compared to the previous year, Nike’s sales increased slightly to $12.43 billion. North American sales rose by approximately 3% to $5.07 billion, exceeding estimates of $4.75 billion. In response to softer demand, Nike has implemented cost-cutting measures and restructuring plans to optimize profitability.