Nike’s digital sales rose 82% last quarter, even as many of its stores reopened.
Even as many of its stores were reopened, Nike saw digital sales jump 82% last quarter, as record numbers of customers turned to its website and app to shop for sneakers and workout apparel.revenue of $10.6 billion, crushing analyst expectations of only $9.15 billion, with earnings of 95 cents per share .
Nike said sales got a boost from parents stocking up on back-to-school items, while its women’s apparel division grew nearly 200% and business also picked back up in key markets like China. Nike, which has already been shifting more of its business to digital, sharply accelerated that process during the pandemic, cutting back on department stores and other outlets in favor of regional pickup hubs for online orders.
Before the coronavirus crisis hit, Nike was aiming to have its e-commerce sales make up 30% of total revenue by 2023, but the company has already surpassed that, nowNike’s stock is up almost 15% so far in 2020, currently trading for around $127 per share, and the company has a market capitalization of around $180 billion.
. “Digital is fueling how we create the future of retail.” He added that Nike’s digital transformation strategy is “not easily replicated,” and that “simply put, scale matters, and Nike leads.”“We know that digital is the new normal. The consumer today is digitally grounded and simply will not revert back,” Donahoe
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