Nike tops Wall Street’s expectations, despite inflation in the U.S. and Covid lockdowns in China

Nike on Monday topped Wall Street’s earnings and sales expectations for the fiscal fourth-quarter, as the sneaker giant overcame a Covid lockdown in China and tougher climate for consumers in the U.S.

Shares rose about 2% in aftermarket trading.

Here’s how Nike did in its fiscal fourth quarter compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:

Earnings per share: 90 cents vs. 81 cents expectedRevenue: $12.23 billion vs. $12.06 billion expected

The company reported net income for the three-month period ended May 31 of $1.44 billion, or 90 cents per share, compared with $1.51 billion, or 93 cents per share, a year earlier.

Sales dropped to $12.23 billion from $12.34 billion a year earlier.

Shares of Nike closed on Monday at $110.50, down 2.13%. As of Monday’s close, Nike shares are down about 34% so far this year. It’s underperformed the S&P 500, which is down about 18% during the same period. The company’s market value is $173.9 billion.

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