Nike Shares Rally On Strong Earnings Growth

Shares of Nike Inc. rallied in Thursday's extended trade after the athletic gear maker reported a strong increase in quarterly earnings. Nike reported its fiscal first-quarter earnings rose to $1.18 billion, or $1.34 a share, from $962 million, or $1.09 a share, a year earlier. Revenue grew 5% to $8.41 billion. However, inventories rose 10% year-on-year to $4.4 billion. Shares climbed 5.5% in after-hours trade.