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Nike Shares Soar After Sales Beat, Inventory Pileup Improves

  • Holiday momentum has continued this month, retailer says
  • Company says low 2021 inventory makes current level seem high
A shopper looks at Nike sneakers in Tokyo. 

A shopper looks at Nike sneakers in Tokyo. 

Photographer: Kentaro Takahashi/Bloomberg
Updated on

Nike Inc. shares were poised for their biggest gain in more than a year after the retailer’s quarterly sales exceeded Wall Street estimates and bloated inventory stockpiles showed signs of improvement.

Global revenue rose 17% to $13.3 billion in the quarter ended Nov. 30, about $700 million more than analysts had projected. Gross margin, a key gauge of profitability, also exceeded expectations, and executives said year-end performance was strong.