Nike shares climbed after-hours ,following its report of earnings and revenue that surpassed analyst expectations.
The sports footwear &apparel maker’s fiscal-first-quarter earnings came in at 86 cents a share, beating analysts’ estimates of 70 cents a share. The figure was also higher than the year-ago quarter’s 67 cents.
Revenue increased +7% year-over-year in the quarter to $10.66 billion, compared to analysts’ expectation of $10.44 billion. Revenue growth in China surged +22% to $1.68 billion, thereby exceeding analyst expectations.
Chief Financial Officer Andy Campion emphasized that even amidst volatile macroeconomic and geopolitical conditions, Nike expects “strong, broad-based growth” across its global portfolio.