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(Sept 24) Nike fell over 4 in premarket trading. Nike EPS beats by $0.04, misses on revenue.

• Nike: FQ1 GAAP EPS of $1.16beats by $0.04.
• Revenue of $12.25B (+15.6% Y/Y)misses by $220M.
• Gross margin increased 170 basis points to 46.5 percent.
• NIKE Direct sales were $4.7 billion, up 28 percent on a reported basis and up 25 percent on a currency-neutral basis.
• NIKE Brand Digital sales increased 29 percent, or 25 percent on a currency-neutral basis.
• Cash and equivalents and short-term investments were $13.7 billion, up approximately $4.2 billion from last year, due to strong free cash flow generation, partially offset by cash dividends and share repurchases.

“NIKE’s strong results this quarter are continued proof of our deep consumer connections, unrelenting innovation pipeline and a digital advantage that fuels our brand momentum,” said John Donahoe, President and CEO.