Shares in sportswear maker Nike (NYSE:NKE) hot-footed it higher in after-hours trading following better-than-expected earnings.
Shares swooshed to US$124.67 in electronic trading after the bell, having closed at US$114.84 in the open outcry session, as earnings per share (EPS) for the three months to the end of August showed a 23% increase on the corresponding 2014 quarter's figure of US$1.09.
The median forecast among the range of estimates was for EPS of US$1.19.
Revenue rose 5% to US$8.41bn from US$7.98bn the year before, and was ahead of market forecasts of US$8.21bn.
The company's products are increasingly popular in China, where the company saw sales jump 30% year-on-year to US$886mln.
Chief executive Mark Parker said the company had been fast out of the blocks in the new fiscal year.
"We're well-positioned to continue to deliver long-term growth that is both sustainable and profitable,” he said.
US broker Jefferies said Nike exceeded expectations on nearly all fronts, even in China and Europe, where market fears were greatest given economic turbulence, and reiterated its 'buy' recommendation as it moved its price target up to US$136 from US$128.
“Nike remains one of our top picks for near- and long-term performance and we see growth supported by a solid innovation platform leading into 2016's Summer Olympics,” the broker said.