After the market close Thursday Nike Inc. reported that its first-quarter profit and revenue topped analysts’ expectations thanks in part to strong demand for its shoes and apparel. Nike is based in Beaverton, Oregon.
The company reported $6.97 billion in revenues and $0.86 per share in net income. Revenues are up 8% compared to the same quarter a year ago. Analysts were looking for Nike to report $0.78 per share in earnings, which the company easily beat. Nike’s quarterly income represents a 37% increase compared to the same quarter last year.
Sales in North America, Nike’s largest market, rose 9.4 percent to $3.14 billion.
Nike Inc. (NKE) is up +36.32% year-to-date and looks to open up +7% this morning.