Nike Inc NKE shares are moving higher after a big first-quarter earnings beat.
Earnings came in at 86 cents per share, beating estimates by 16 cents. Sales came in at $10.66 billion, beating estimates by $240 million.
"Our strong start to FY20 highlighted the depth and balance of NIKE's complete offense," said Mark Parker, Chairman, President and CEO. "NIKE's strong product innovation, combined with our industry-leading digital experiences, continue to deepen our consumer relationships around the world."
Highlights
- Revenues increased 7%
- Converse revenue up 8%
- Gross margin increased 150 basis points to 45.7%
- Net income increased 25%
- Inventories up 12% year-over-year
Nike shares traded higher by 5.1% in Tuesday's after-hours session. The stock closed at $87.18 per share.
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Photo by Emily Elconin.
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