Investors give Nike the tick

Nike profits have soared 196% as the show company announces its fourth-quarter annual performance

Nike has announced its fourth-quarter and annual performance for the fiscal year ending May 31, 2021.

The footwear giants annual profits soared 196% over last year and 42% over 2019.

Revenues for the fiscal year increased 19% with the fourth quarter up 96% which includes March, April and May.

Nike also offered a better-than-expected sales outlook for the upcoming year, driven by optimism around its women’s category, apparel business and Jordan brand.

Nike continues to benefit from consumers seeking out comfortable clothing to wear for workouts but also around the house.

As restrictions across many nations eased and people return to schools, offices, and other social settings, many are still searching for relaxed options such as sneakers and stretchy pants.

Nike also saw a boost to its wholesale business — something that was largely inactive a year earlier during the pandemic, a time when shopping centres and department stores had to temporarily shut their doors.

Some of Nike’s key wholesale partners include Dick’s Sporting Goods, Foot Locker and JD Sports.