This afternoon, Nike Inc. (NYSE: NKE) reported its fiscal first quarter numbers, and the company was able to put up better than expected earnings numbers, but revenues came in slightly under expectations.As we noted in our earnings preview yesterday, analysts had been expecting to see the company show earnings of 97 cents per share, and the actual earnings figure was a bit higher at $1.04 per share. For the same period last year the company showed earnings of $1.03 per share.
Revenues for the quarter were $4.8 billion (down 12%), under the $4.9 billion that analysts had been predicting.
Looking ahead, the company reported that futures orders were down by 6%, 4% if you exclude currency changes, and that inventories were 7% lower than last years levels.
The company's gross margin fell by 14% to 46.2% in the quarter.
Nike was happy with the quarter, and the company's President and Chief Executive Officer, Mark Parker, stated that "We delivered a good start to the fiscal year," and went on to say that "we're on the right track, moving forward with confidence in hand and opportunity in mind."
Today's earnings report marks the ninth straight quarter that the company was able to beat analyst estimates.
Traders have pushed the stock up over 3% in after hours trading.
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