Nike Inc. shares surged in the extended session Tuesday after the athletic apparel company blew past Wall Street estimates for the quarter.
Nike NKE, +3.08% shares rallied 8% after hours, following a 3.1% rise in the regular session to close at $116.87. The company reported fiscal first-quarter net income of $1.52 billion, or 95 cents a share, compared with $1.37 billion, or 86 cents a share, in the year-ago period. Revenue declined to $10.59 billion from $10.66 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 47 cents a share on revenue of $9.13 billion.
Nike shares are up 15% for the year, versus a 4% decline in the Dow Jones Industrial Average DJIA, +0.51%, of which Nike is a component, and compared with a 3% gain the S&P 500 index SPX, +1.05%.
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