By Kimberly Chin

 

Sales at Nike Inc. nearly doubled in the fourth quarter driven by higher wholesale shipments compared with last year when physical retail stores were closed to limit the spread of Covid-19.

The sneaker giant swung to a profit of $1.51 billion for the quarter ended May 31, compared with a loss of $790 million in the year-earlier period. Earnings were 93 cents a share, compared with a loss of 51 cents a share a year earlier. Analysts were expecting a profit of 51 cents a share, per a FactSet poll.

Sales increased to $12.34 billion from $6.31 billion in last year's fourth quarter, beating analysts' consensus estimates of $11 billion. Nike's direct sales climbed 73% to $4.5 billion and digital sales rose 41%.

 

Write to Kimberly Chin at kimberly.chin@wsj.com

 

(END) Dow Jones Newswires

June 24, 2021 16:50 ET (20:50 GMT)

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