Nike Shares Surge 15%, Hit Record High As $50 Billion Sales Outlook Tops Expectations

Nike shares closed Friday up more than 15%, hitting a record intraday high, after the sneaker maker forecast full-year sales topping $50 billion as its North American business rebounds from the lows of the coronavirus pandemic. And in greater China sales appear to be improving, with Nike management saying the company is confident about its ability to regain trust with customers there, amid threats to boycott Western brands over their comments expressing concern about alleged forced labor in Xinjiang. “These are times when strong brands can get stronger, and each quarter this reality becomes even more clear,” Nike Chief Executive Officer John Donahoe said during an earnings call Thursday evening. Read more at CNBC.