Nike Results Beat Estimates; Stock Up 5%

(RTTNews) - Nike Inc (NKE) on Thursday reported first-quarter net earnings of $1.18 billion or $1.34 per share compared with $962 million or $1.09 per share last year.

Revenues for the quarter were up 5% at $8.41 billion compared with $7.98 billion in the prior year. On a constant currency basis, revenues increased 14%.

Analysts polled by Thomson Reuters estimated earnings of $1.19 per share on revenues of $8.22 billion for the quarter. Analysts' estimates typically exclude special items.

Sales in North America climbed 8% from a year ago, and China gained 30%.

"Fiscal 2016 is off to a great start," said CEO Mark Parker. "We're well-positioned to continue to deliver long-term growth that is both sustainable and profitable."

Gross margin expanded 90 basis points to 47.5%, driven by higher average selling prices and growth in the higher-margin Direct to Consumer business.

As of the end of the quarter, worldwide futures orders for Nike Brand athletic footwear and apparel scheduled for delivery from September 2015 through January 2016 were 9 percent higher than last year.