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Bloomberg Published December 20, 2024 Reading time
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Nike shares rally on strong earnings debut from new CEO

By
Bloomberg Published
December 20, 2024

Nike Inc. second-quarter results surpassed analysts’ expectations, giving new Chief Executive Officer Elliott Hill a positive development to tout during his first earnings call.

Revenue, profit and gross margin all came in ahead of estimates in the quarter ended Nov. 30. The shares rose as much as 12% in extended New York trading. The stock has declined 29% this year through Thursday’s close.  

The report suggests that performance is stabilizing at the world’s largest athletic-wear company. Nike is trying to reverse a sales slump tied to waning demand for its lifestyle shoe lines, such as the Air Force 1, and a lack of new products and designs. All regions except for China performed better than expected.