Nike crushes earnings expectations

Nike reported first quarter earnings after the market close on Thursday, crushing expectations.

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

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

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%.

More to come ...