Nike Q2 Profit Beats, Futures Up 4%

Shares of Nike (NKE) are climbing this evening after the company narrowly beat fiscal Q2 profit expectations with sales about as expected.

Nike stock rose $1.49, or 2.4%, to $64.74 in after-hours trading after falling 1.3% during the regular session.

Revenue fell 4% to $4.4 billion, the company said, yielding profit per share of 76 cents. Analysts were expecting $4.4 billion and 71 cents.

Inventories declined 10% in the quarter, the company said, while cash and short-term investments rose 47% year over year to $4 billion.

Nike said it had used a total to date of $2.9 billion out of its $3 billion share repurchase program at quarter’s end, and plans to commence with a previously authorized $5 billion buyback once this last bit is used up of the current plan.

Futures orders for the company’s apparel were 4% above the prior-year period, Nike said, with growth of 27%, excluding currency effects, in emerging markets. Futures orders were also strong in China and Western Europe, but declined in the U.S.