Nike Inc. is taking a beating in the public relations department over its recent foray into politics with their Colin Kaepernick advertisement, but it may be paying financial dividends.
Here's what happened to Nike sales
According to San Francisco based Edison Trends, online sales for Nike are up a whopping 31 percent in the period from Labor Day Sunday through Tuesday, compared to 17 percent increase in the same period last year.
“There was speculation that the Nike/Kaepernick campaign would lead to a drop in sales,” said Hetal Pandya of Edison Trends, "but our data over the last week does not support that theory."
The controversial campaign has fired up the divisive debate between those supporting the NFL athletes who protested by kneeling during the national debate, and those who say its an insult to the country and the flag.
Nike stock climbs after initial losses
Despite a steep initial loss after the announcement of the controversial ad, Nike's stock (NKE) reversed its losses and climbed to $80.30, an increase of one percent from the drop to $79.01 on Tuesday.
The stock fell precipitously by 3 percent Tuesday, which many Kaepernick critics took as a sign that the market was rejecting their political stunt.
Nike stock has opened down over $2 in premarket trading in wake of Colin Kaepernick endorsement deal. That means th… https://t.co/M1ZFqoZeEg— Clay Travis (@Clay Travis)1536065754.0
Nike stock is also up 53 percent over the last year, and 135 percent over the last 5 years.
The controversial Kaepernick Nike ad aired Thursday during the kickoff game for the 2018 season, and will air during other games for the rest of the season.
Here's Stuart Varney's opinion on the Kaepernick Nike ad:
New England Patriots star quarterback Tom Brady signaled his support for the campaign with a "like" on Instagram that made headlines Wednesday.