Nike (NKE) Trades Higher After Better-Than-Expected Q1 Results

Shares of footwear maker Nike (NYSE: NKE) are 3.8% higher in after-hours action after reporting better-than-expected first quarter 2010 results.

Nike reported Q1 EPS of $1.04, 7 cents better than the analyst estimate of $0.97 and up 1 cent from last year. Revenue for the quarter fell 12% to $4.8 billion, which compares to the estimate of $4.90 billion. Nike said worldwide futures orders down 6%, down 4% percent excluding currency changes. Inventories were down 7% versus prior year. Gross margins were 46.2% compared to 47.2% for the same period last year. Gross margins for the quarter were lower than the prior year primarily due to unfavorable exchange rates and product markdowns taken to manage inventories.

UPDATE: Click here to see some highlights from Nike's Q1 conference call.

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