What: Nike Inc. beat quarterly revenue estimates on Monday, helped by robust holiday demand for its sports shoes and apparel in North America.

Why it is important: Despite doubts from investors about the retailer’s performance due to continued store shutdowns due to Covid in China, major factory shutdowns in Vietnam, and the pull out of business in Russia, Nike was able to boost sales in North America.

Nike’s shares rose 4.4 percent to $136 in extended trading.

Sports and casual apparel have become a more intrinsic part of everyday fashion since the onset of the pandemic, as people ditch office attire for sweatpants and joggers, boosting sales at Nike and rivals such as Under Armour and Adidas.

Nike’s sales in North America, its largest market, jumped 9 percent in the company’s third quarter, also boosted by the return of school sports and price increases.

Nike beats quarterly revenue estimates boosted by North America demand

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