Nike Reports Q2 Earnings Beat, Greater China Sales Up 23%

Nike Inc NKE shares were under pressure Thursday afternoon after reporting a second-quarter earnings beat.

Earnings came in at 70 cents per share, beating estimates by 13 cents. Sales came in at $10.33 billion, beating estimates by $260 million. This is a 10.2% increase over sales of $9.374 billion the same period last year.

“In Q2, NIKE has proven again that innovation is our greatest competitive edge – turning athlete insights into breakthrough product and digital services, as we offer more choice to more consumers at an accelerated pace,” said Mark Parker, Chairman, President and CEO of Nike. “Our entire NIKE team is fueling our current momentum, and I’ve never been more optimistic about the future of this company.”

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Highlights:

• Greater China sales up 23% year-over-year
• Nike brand sales were up 12%
• Converse sales were up 15%

Nike shares fell about 2% in after-hours trading. The stock closed the regular session at $101.15 per share.