Future Orders for Nike Inc. Reflect Record High; Biggest Demand Comes from China and North America
The sporty look seems to be hitting the market as stocks of sportswear giant Nike Inc. reflected a record high on Tuesday. The Washington County company reported future orders that surpassed the expectations of Wall Street by leaps.
Athletic wear market has been steaming hot off late and that's what gave an edge to the sportswear company. Its products have been well received y consumers globally.
Nike reported twenty percent boost in future orders for its second quarter for its fiscal. That's a strong gauge to indicate high demand for Nike products. The demand also overshot the analyst's expectations of fourteen percent.
The strongest demands were from the markets in China and North America which helped the largest foot wear maker in the world to report record future orders whizzing past the analyst's expectations.
Nike's futures orders in Greater China which is one of the fastest growing markets for the company leaped thirty four percent. That's the largest noted in two years. For North America, the orders grew fourteen percent.
On Tuesday, Nike's shares increased 2.5 percent to $135.23 during the after trading hours. The company's shares have already been leading the list on Dow, in this year.
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