Nike (NKE) earnings fleet of foot

Nike (NYSE: NKE) stepped under the earnings spotlight this afternoon to report its first-quarter results. The company's profit expanded to $569.7 million, or $1.12 per share, from $377.2 million, or 74 cents, in the year-ago period. Excluding a one-time 20-cent charge released to a tax benefit, the company would have banked 92 cents, besting analysts' expectations of 87 cents per share.

Sales at the footwear and apparel giant jumped to $4.66 billion, an 11.2% rise from the previous year. This number also topped Wall Street's consensus view, which was reported at $4.58 billion. Across the globe, U.S. revenue rose 2%, revenue from the European region grew by 16%, the Asia-Pacific region saw revenue numbers spike 22%, and the revenue in the Americas rose 15%.

In an accompanying press release, President/CEO of Nike, Mark Parker, noted that: "We're off to a strong start as our first quarter results reflect the power of our brands as well as the strength and diversification of the Nike, Inc. portfolio. We have an aggressive growth plan to achieve $23 billion in revenue by fiscal year 2011, and we're well on our way." He also asserted that "[Nike] will continue to distinguish ourselves as the industry leader with our relentless focus on creating innovative product, and on bringing a new level of excitement and energy to retail."

Nike officials took the opportunity of the firm's earnings report to comment on the potential sale of Nike Bauer Hockey, which it would like to unload within the fiscal year.

In after-hours trading, Nike shares have moved up a fraction.

Beth Gaston Moon is an analyst at Schaeffer's Investment Research. She does not own any Nike shares.