Nike’s revenue beats as North America, Europe offset China sales drop

(Reuters) – Nike Inc beat Wall Street estimates for quarterly revenue on Tuesday, powered by demand in North America and Europe that blunted the drop in China sales due to the coronavirus-fueled shutdowns.

Revenue rose 5.1% to $10.10 billion in the third quarter ended Feb. 29, while analysts had expected $9.80 billion, according to Refinitiv IBES data.

Net income fell to $847 million, or 53 cents per share, from $1.10 billion, or 68 cents per share, a year earlier, due to the hit to its Greater China business from the health crisis.

(Reporting by Nivedita Balu in Bengaluru; Editing by Sriraj Kalluvila)