Shares of Nike (NYSE: NKE) are trading at record-high levels after the company posted fiscal-2020 first-quarter results that topped analysts' high expectations. This has prompted several on the Street to upwardly revise their price targets on the world's leading footwear and apparel company. Revenue rose 7% to $10.7 billion, earnings of $1.4 billion were up 28% over the same period a year ago, and diluted earnings per share of $0.86 far outran the $0.71 analysts had expected.
Nike is starting out its new fiscal year on the right foot, with these stellar results marking the sixth straight quarter of at least 6% sales growth and 50 basis points of gross margin expansion. Despite the ongoing presence of U.S.-China tariff headwinds, management maintained its fiscal-year 2020 guidance and increased its forecast for gross margins.
Image Source: Getty Images