For now, Nike stock is pulling off an impressive comeback.
It took the world’s biggest shoe company by revenue just 10 days to rebound from a 24% tumble after acknowledging customers had held off on buying items like the upcoming Jordan 12 model amid its marketing campaign featuring Colin Kaepernick.
Nike stock’s dramatic rally through Monday has since given investors a big boost. On Tuesday, Nike shares were up about 1.5% after the company raised its quarterly dividend and announced an expanded share buyback program.
The stock is now up 14% since September 5, when the market as a whole took a hit amid concerns about a potential U.S.-China trade war.
Chief executive Mark Parker said at an analyst meeting in New York on Tuesday that Nike is set to “be bolder, be faster, be better” as it revamps the business.
That should help — at least from an investor’s perspective — as Nike heads into the crucial holiday season.
The company believes it can hit $50 billion in revenue by 2028, a lofty goal that will require it to boost its margins.