For the quarter ended Aug. 31 the Beaverton, Ore., company reported net income of 95 cents a share against 86 cents in the year-earlier quarter.
Revenue slipped 0.6% to $10.59 billion from $10.66 billion.
Analysts surveyed by FactSet were expecting the company to report earnings of 41 cents a share, or an adjusted 47 cents, on revenue of $9.13 billion.
The company's pace of innovation, the brand’s "deep connection to consumers," and its acceleration of digital sales efforts "are unlocking Nike's long-term market potential," Chief Executive John Donahoe said in a statement.
Nike brand digital sales rose 82% overall with double-digit increases across North America and greater China and a triple-digit rise in Europe-Mideast-Africa.
Inventories rose 15% to $6.7 billion in the quarter from a year earlier, but were down 9% from the previous quarter as the company worked through the backlog caused by the coronavirus.
Nike reported revenue of $4.23 billion in North America and $1.78 billion in China.
Europe-Mideast-Africa revenue rose 5% to $2.9 billion while Asia Pacific and Latin America revenue fell 18% to $1.01 billion.
Earlier this week, Jim Cramer added Nike to his Action Alerts PLUS portfolio with the AAP team saying that Nike is a "blue-chip athletic footwear and apparel maker with one of the most recognizable brands of all time."
Nike shares at last check rose 8.6% to $126.97. They closed Tuesday's regular trading session up 3.1% at $116.87.