Nike Surging

In after hours trade on Thursday, Nike shares were up more than 5% in after hours trade on Thursday after the company reported better than expected earnings and revenue.

In the first quarter reported first quarter earnings per share of $1.09 against expectations for $0.88, according to data from Bloomberg.

Revenue in the quarter totaled $8 billion against expectations for $7.83 billion.

Nike also reported gross margins of 46.6%, beating expectations, and worldwide future orders - excluding the impact from currencies - that were up 14% against expectations for a 10% increase. Inventories were up 14% to $4 billion at the end of the quarter when compared to the prior year period.

The company also reported that market expenses rose 23% during the quarter, which it said was mostly related to the World Cup.

During the first quarter, Nike repurchased 10.6 million shares for about $819 million.

Excluding Thursday's after hours rally, shares of Nike were up just over 1% year-to-date.