Shares of Nike (NYSE:NKE) jumped more than 7% this morning to a new 52-week high after the world's largest shoe manufacturer reported a record $3 billion in first-quarter revenues. Earnings of $0.98 per share soundly beat the consensus estimate of $0.88 per share.
Before an accounting change, EPS increased 17%.
Nike's international business and improving margins, particularly on the apparel side, continue to drive results. U.S. revenues actually declined 2% to $1.25 billion, while Europe grew 17%, Asia, 13%, and revenues in the Americas grew 13%.
Futures orders for delivery from September to January are also up -- 10.5% to $3.7 billion. A portion of the gain can be attributed to changes in currency exchange rates, and almost half is a result of an earlier start to the spring season for footwear sales in Europe.
Here, too, international sales drove results, as future orders in the U.S. are down 3%, while futures orders are up 28% in Europe, 19% in Asia, and 9% in the Americas.
With these latest results, Nike, which has struggled to regain the luster of its golden years, once more showed the power of a truly global brand.
The company also repurchased 1.7 million shares at an average of $52.45 per share. Shares of Nike are up to $61.67 midday.
