New York — After several quarters on the bench, Nike has finally healed the damage inflicted by Adidas. Nike increased sales in North America for the first time in a year, after its smaller European rival had been out-manoeuvring the sneaker giant on its home turf. Nike’s improved performance, sparked by new products and a smartphone shopping app, unleashed a slew of praise from Wall Street analysts. The stock surged as much as 13% to a record high in Friday trading. "A key part of Nike’s story has fallen into place with the strong return to growth of its largest market," said Chris Svezia, an analyst for Wedbush Securities. "Nike product is making a clear comeback." For more than a year, the Oregon-based company has been promising investors that slowing growth and revenue declines in its largest market were only a short-term trend. Nike said the lion’s share of the blame fell on US retail partners, which have been closing stores amid a broader industry retrenchment. But it also fac...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.