By Sam Boughedda
Investing.com -- Nike Inc (NYSE:NKE) shares gained 4.9% Monday after the close after it reported earnings that beat analyst expectations for earnings per share and revenue.
The company announced earnings per share of 87 cents on revenue of $10.9 billion. Analysts polled by Investing.com anticipated EPS of 71 cents on revenue of $10.63 billion.
Nike said its revenue increase was led by NIKE Direct growth of 17%. Furthermore, the NIKE Brand Digital business increased 22%, driven by double-digit growth in North America, APLA, and EMEA. However, this was partially offset by declines in Greater China.
Revenue for Greater China was $2.16 billion, falling just over 5% year over year.
“Our third quarter results demonstrate NIKE’s ability to navigate through volatility, while continuing to serve consumers directly and digitally, at scale,” said Matt Friend, the company's chief financial officer.
“Marketplace demand continues to significantly exceed available inventory supply, with a healthy pull market across our geographies.”