Nike shares hit record high as sales get post-lockdown boost

Shares of Nike surged over 15 percent to a record high Friday after the sportswear giant forecast full-year sales of more than $50 billion, riding on pent-up demand for sneakers and athletic gear from US shoppers.

The company’s fourth-quarter revenue also nearly doubled, topping $12 billion for the first time and overshadowing a weaker-than-anticipated performance in its fast-growing China market. “The strong momentum in Nike’s brand globally is more than offsetting pressure in China and supply chain constraints,” Telsey Advisory analyst Cristina Fernandez said.