Why Athletic Apparel And Footwear Companies Are Trading Higher Today

Dick's Sporting Goods Inc DKS, Under Armour Inc UA and Foot Locker Inc FL are trading higher Friday in sympathy with Nike Inc NKE after the athletic apparel and footwear retailer reported better-than-expected financial results.

What Happened: Nike reported quarterly earnings of 93 cents per share, which beat the estimate of 51 cents per share. The company reported quarterly revenue of $12.3 billion, which beat the estimate of $11.01 billion.

“FY21 was a pivotal year for NIKE as we brought our Consumer Direct Acceleration strategy to life across the marketplace. Fueled by our momentum, we continue to invest in innovation and our digital leadership to set the foundation for NIKE’s long-term growth," said John Donahoe, president and CEO of Nike.

Multiple analyst firms raised the price targets on Nike following the company's blowout quarter.

Related Link: Nike Soars Double-Digits After Impressive Earnings Report

Price Action: At last check Friday, Dicks Sporting Goods was up 3.80% at $102.42, Under Armour was up 2.74% at $19.14 and Foot Locker was up 4.48% at $63.91.

Nike was up 13.60% at $151.81 at publication time.

Photo: Mike Kalasnik from Flickr.