NIKE Inc. shares were up 5.16% on Sept. 24 after the company reported double-digit growth in its first quarter earnings driven by revenue growth across its global business and gross margin expansion.
The retailer said diluted EPS for the first quarter ended Aug. 31 rose 28% to 86 cents, exceeding the mean consensus estimate for GAAP EPS of 71 cents, according to data compiled by S&P Global Market Intelligence. The company reported diluted EPS of 67 cents in the year-ago quarter.
Nike's total revenue in the first quarter rose 7% to $10.66 billion from $9.95 billion in the year-earlier quarter. In North America, the company's revenue grew 4% to $4.29 billion from $4.15 billion in the year-ago quarter. In Europe, the Middle East and Africa, Nike's revenue grew 6% to 2.77 billion from $2.61 billion, while revenue in Asia-Pacific and Latin America grew 6% to $1.35 billion from $1.27 billion in the year-earlier quarter. In Greater China, the company's revenue grew 22% to $1.68 billion.
Net income in the first quarter jumped 25% to $1.37 billion from $1.09 billion in the year-ago quarter. The company's gross margin increased 150 basis points to 45.7% in the first quarter.
