Nike surprises Wall Street, pushing the stock up by +8% in after-hours trading, while sales continue to be weighed down by weakness in the American market. In the first quarter of fiscal year 2024, revenues of the sportswear leader saw a +2% increase to $12.94 billion, just below the estimated $13 billion.

The strength of the Nike brand has allowed the company to maintain high prices even during promotional phases and has kept its annual forecasts with expected revenue increases. The company will also update the basketball shoes portfolio of the Nike and Jordan brands, as well as focus on the Kobe brand, which had been put on hold indefinitely following the death of the NBA champion.