What: Shares of Nike (NYSE:NKE) climbed as much as 9.6% early Friday after the company released better-than-expected fiscal-first-quarter 2016 results.

So what: Quarterly revenue climbed 5.4% (14% on a constant-currency basis) year over year to $8.4 billion, driven by broad-based growth in every geography and nearly every product category. Nike Brand revenue climbed 6% (15% on a constant-currency basis) to $7.9 billion, while Converse revenue fell 3% to $555 million, but would have climbed 3% had it not been for foreign currency changes. Nike CFO Andy Campion explained during the subsequent conference call that Converse is still enjoying double-digit (currency-neutral) growth in North America, but saw that growth partially offset by declines in the U.K. In addition, Campion noted Converse's year-over-year comparisons "will be somewhat uneven as we transition to a more direct operating model outside the U.S."

Meanwhile, gross margin expanded 90 basis points to 47.5%, helped both by increases in average selling prices, and 21% revenue growth from higher margin Nike Brand direct-to-consumer (DTC) sales. The latter figure included a 46% increase in online sales, and comparable-store sales growth of 7%. On the bottom line, net income rose 23% year over year to $1.2 billion, or $1.34 per share. 

Analysts, on average, were expecting earnings of just $1.19 per share on revenue of $8.2 billion.

Now what: To gauge demand in the coming quarters, Nike stated worldwide futures orders rose 9%, or 17% at constant currency. Of note on the latter figure: All geographies enjoyed double-digit growth in futures except the "emerging market" segment, which clocked in at 6%. For perspective, that segment notably includes Brazil, where revenue was flat during the quarter amid macro-economic challenges, as well as a tough year-over-year comparison given a boost in sales following the 2014 FIFA World Cup.

All told, Campion says Nike's full-year outlook has "slightly improved." Though reported revenue growth for fiscal 2016 is still expected to be in the mid-single-digit range, and gross margin for the year should expand by around 50 basis points. In the end, this was another solid performance from Nike, and it's hardly surprising the stock sits at a new all-time high as of this writing.

Steve Symington has no position in any stocks mentioned. The Motley Fool owns and recommends Nike. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.