Nike's Strong Earnings and Market Share Growth in China Propel Stock Surge

Nike reported better-than-expected first-quarter earnings, with revenue of $12.94 billion and adjusted earnings per share of $0.94. The company's stock rallied over 9% as executives emphasized the strength of consumer demand and eased concerns about a potential slowdown in Greater China. Nike's inventories fell by 10% compared to the previous year, while direct-to-consumer sales increased by 6%. Despite worries about the Chinese economy, Nike's revenue in Greater China reached $1.74 billion. Executives expressed confidence in the Chinese consumer and the future of the market, regardless of the macroeconomic outlook.