Nike (NKE) - Get NIKE, Inc. (NKE) Report posted earnings of 70 cents a share vs. 52 cents in the year-ago quarter and well above analysts’ forecasts of 58 cents a share. Sales rose 10% to $10.32 billion against analysts’ estimates of $10.09 billion.
Over the past five years, Nike has reported double-digit sales growth in China, but there were concerns that trade tensions between the U.S. and China would weigh on the company’s performance.
Nike reported 20% revenue growth in China to $1.8 billion, led by $1.2 billion in footwear.
North America and Europe remained the company’s biggest markets, accounting for $3.98 billion and $2.53 billion of sales in the quarter, respectively. Nike’s revenue from North America, however, missed Wall Street's expectations of $4 billion.
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