Nike crushes earnings expectations

Akin Oyedele
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Nike basketball shoe Kobe Bryat
Nike basketball shoe Kobe Bryat

(REUTERS/Lucy Nicholson )

Nike reported first-quarter earnings results after the market closed Thursday, and they were incredible.

The apparel giant reported adjusted earnings per share of $1.34, up 23%, and revenues of $8.4 billion.

Revenues from North America rose 8% – 9% excluding currency fluctuations — and jumped 30% in China.

Analysts had estimated $1.19 in adjusted earnings per share, and $8.22 billion in revenues, according to Bloomberg. They were looking for 10% revenue growth in North America.

Compared to a year ago, future orders — placed by retailers worldwide for delivery between September and January — were 9% higher at the end of the quarter. Excluding the currency impact, they rose 17%, beating the forecast for 10.3% growth.

At the annual shareholders meeting last week, the company announced that revenues grew 10% to $30.6 billion in the most recent fiscal year.

Nike shares are up 41% year-to-date, despite a 12% drop during the big sell-off in August. In after-hours trading, the stock rose 4%.

NOW WATCH: 11 little-known facts about Nike



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