Nike (NKE) - Get Report shares jumped after hours after the sports-apparel maker reported fiscal-first-quarter earnings and revenue ahead of analyst expectations while growth in Asia also surprised investors.
For the quarter ended Aug. 31, the Beaverton, Ore., company reported earnings of 86 cents a share against 67 cents in the year-earlier quarter. Analysts surveyed by FactSet were expecting 70 cents.
Revenue for the period was $10.66 billion, up 7% from a year earlier. Analysts were looking for revenue of $10.44 billion.
The company attributed the strong quarter to its investments in its digital strategy and direct-to-consumer business.
"Even amidst the increasingly volatile macroeconomic and geopolitical environment," Nike expects "strong, broad-based growth across our global portfolio," Chief Financial Officer Andy Campion said in a statement.
Nike reported 22% revenue growth in China to $1.68 billion, topping analyst expectations.
Prior to the release, there were concerns about the overhang from the trade war with China.
TheStreet's Jim Cramer wasn't worried, however, saying "Nike's been a winner in China kind of like Starbucks. The ministry of sport likes Nike."
Nike shares rose 5.5% to $91.94 after hours, an all-time high for the sports-apparel maker.