This post was originally published on this site
The company’s shares rose 2.3% to $113.12 after the bell and Nike (NYSE:NKE) also announced a new $18 billion class B stock repurchase plan.
Affluent Americans remain largely unaffected by decades-high inflation and are splurging on higher-priced products, helping Nike maintain a pandemic-induced boom in athletic wear sales.
The company reported fourth-quarter revenue of $12.23 billion, compared with estimates of $12.06 billion, according to IBES data from Refinitiv.
Nike’s net income fell to $1.44 billion, or 90 cents per share, in the quarter ended May 31, from $1.51 billion, or 93 cents per share, a year earlier.
