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Shares of athletic giant Nike, Inc. (NKE) are up over 3% in after hours trading after the company posted better than expected earnings for its fiscal third quarter this afternoon.As we noted in our earnings preview last night, analysts had forecast earnings of $0.89 per share for the quarter. Fueled by a 7% increase in sales during the quarter, Nike was able to outpace estimates and earn $1.01 per share. This marks the 11th straight quarter that Nike has been able to post better than expected quarterly earnings.
Sales were up by 7% in the quarter to $4.7 billion. Analysts had forecast sales of $4.59 billion.
Future orders grew by 6% excluding currency changes. Future orders are an indicator of growth based on estimates of product orders, and this is the first period in over a year in which future orders rose excluding currency changes.
Last quarter the company noted that it was seeing an increase in consumer sentiment, and it looks like that trend is continuing as sales rose in nearly all of its markets. China and other emerging markets saw double digit growth, while its biggest market, North America had a modest 1% increase. Sales dropped in Japan by 8%.
The stock is up $2.47 to $73.30.
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