posted a 13% drop in fiscal first-quarter earnings after Thursday's closing bell, but its results beat Wall Street's expectations.
For the period ended Aug. 31, the sneaker giant said it earned $377.2 million, or $1.47 a share, down from $432.3 million, or $1.61 a share, a year earlier. Analysts, on average, expected earnings of $1.42 a share, according to estimates reported by Thomson First Call.
The company's adoption of stock options expensing weighed on results, cutting net income by $40.8 million, or 16 cents a share.
On its top line, Nike reported that its sales rose 9% to $4.19 billion from $3.86 billion for the same period last year. Changes in currency exchange rates boosted sales growth by 2 percentage points for the quarter.
Futures orders -- representing shoe and apparel orders scheduled for delivery between September and January -- totaled $5.2 billion, up 6% from last year.
"We're off to a strong start," Nike said. "While making major brand investments to drive key markets and implementing new accounting rules to include stock option expenses, we continued to deliver strong top line growth and laid the foundation for another successful year."
Shares of Nike were halted in after-hours trading. They closed the regular session down 14 cents, or 0.2%, to $82.46.