Nike's report beat forecasts

Shares in Nike (NKE) jumped at the premarket on Tuesday as the company released a better-than-expected holiday quarter report than Wall Street analysts had expected.

As for Nike (NYSE: NKE) shares, they were up 6% at Tuesday's premarket.

The report from the company

In its report, Nike reported EPS down 3% (from last year's value) to $0.87, but came in above estimates of $0.71.

Nike's quarterly profit fell to $1.4bn, down from $1.45bn a year earlier.

Total revenues rose 5% to $10.87bn, above estimates of $10.59bn.

Also, the company noted that traffic in its retail shops is normalizing.

Like many other companies, Nike said its transportation costs increased during the quarter, but its gross profit rose, thanks in part to fewer discounts and the position of exchange rates.

It's worth noting that Nikem's quarterly sales in North America were $3.88 billion (+9%).

Europe, the Middle East and Africa $2.78 billion (+7%).

Greater China $2.16 billion (-5%).

Asia Pacific and Latin America $1.46 billion (+11%).

Nike said its transportation costs increased during the quarter, but its gross profit increased.

During the quarter, Nike continued its 20-year regular dividend payments and share buybacks, returning about $1.7 billion to shareholders.

However, Nike did not provide a clear outlook for the current quarter due to continued uncertainty over inflation, the war in Europe and congested supply chains.

Nike was founded in 1964 by Phil Knight and Bill Bowerman.