Nike, which already had a 19 percent increase in shares this year, reported a first quarter share boost of 7.5 percent in extended trading. This reportedly marked the company's 9th straight quarter where the result surpassed the expected profit.
Nike's income went up 23 percent to $1.18 billion during the quarter. This is equivalent to $1.34 per share, which is much higher than the $1.19 per share analysts expected, according to Reuters.
"While we are very mindful of the macroeconomic volatility in China; our brand has never been stronger and our marketplace has never been more healthy," Nike's chief financial officer, Andy Campion, said.
The company's revenue increased 5.4 percent to $8.41 billion — again — defeating the average of $8.22 billion the analysts expected, as per Thomson Reuters I/B/E/S.
The economy of China is currently experiencing its weakest growth in 25 years. Despite this dilemma, Nike managed to climb on top, increasing its sales and profit.
A lot of global retailers were hit hard because of the slowing economic growth in the second-largest economy in the world, but the footwear company claimed that their sales in the China were amazing, BBC learned.
Chief Executive Officer Mark Parker, who was recommended by Nike's co-founder Phil Knight to succeed him as chairman, expanded the company's offerings of women's wear, and strengthened its operations online, as per the report of Bloomberg.
What is reportedly helping Nike is their investment in product innovation and collection of feedbacks and data from customer's activities. It also gained a pull from young customers through social media and mobile apps.
It has been also reported that the company's increased focus towards health and the launch of sports-centered apps are other factors that contributed to its market in China.
The revenue of Nike in the United States, which is its largest market, leaped 8 percent. The sales in footwear rose 9 percent.
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