Shares of Nike were trading 9.13% higher as of mid-day trading on Friday afternoon. This reportedly marked the company’s 9th straight quarter where the result surpassed the expected profit. This is equivalent to $1.34 per share, which is much higher than the $1.19 per share analysts expected, according to Reuters.
China’s economy is heading for its slowest growth in 25 years, causing a headache for firms from luxury carmaker BMW to Dutch electronics group Philips NV and French fashion house LVMH. Leading all regions in revenue growth was China, where sales jumped 30% to $886 million.
Nike said that sales in China had been helped by refurbishing its stores, improving its online sales and a busy period of sporting events in the country.
Despite fears of a slowdown in the world’s second biggest economy, sales there jumped by almost a third in the three months to the end of August.
What is reportedly helping Nike is their investment in product innovation and collection of feedbacks and data from customer’s activities.
China had been a trouble spot for Nike just two years ago, as the company wrestled with lagging sales and depleted demand after a massive run-up to the 2008 Olympics. It also gained a pull from young customers through social media and mobile apps.
Nike reported a 10% rise in inventories in North America, which it attributed in part to buildup from the West Coast port closures earlier this year.
The sports clothing company also reported strong futures orders – up 22% in China.
The revenue of Nike in the United States, which is its largest market, leaped 8 percent.