Lacing up

30 June 2017 By Jennifer Saba Follow @jennifersaba

The $96 bln sportswear maker confirmed it will sell its sneakers on Amazon after years on the sidelines. Though still the dominant brand, it has been losing share mainly to Adidas. The initiative, coupled with its own direct-to-consumer push, could make Nike a pacesetter again.

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Nike confirmed in an earnings call on June 29 that it would launch a pilot program to sell some of its athletic footwear and other products on Amazon.com. Earlier, the Wall Street Journal reported that Nike planned to sell directly through the online retailer.

The sportswear maker also reported that revenue rose 5 percent in the quarter ended May 31 from the same period a year earlier, to $8.67 billion, topping analysts’ expectations. Net income for the period was $1 billion, or 60 cents per share, compared with $846 million, or 49 cents per share, a year earlier. Analysts had been expecting earnings per share of 50 cents.

The company released earnings after the market closed. Nike’s shares were up nearly 9 percent at $57.88 in midday trading on June 30.

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