Nike (NKE) reported earnings on Thur 27 Sept 2013

NKE: Beat quarterly EPS by $0.08 ($0.86 vs $0.78 estimate), revs rose 7.7% yoy to $6.97 mln vs $6.97 mln estimate; upgraded to Buy from Neutral at Sterne Agee; target raised to $74 from $69 at TAG; target raised to $70 from $65 at Janney; downgraded to Hold from Buy at Stifel

• Nike, Inc. (NYSE: NKE) reported Q1 EPS of $0.86, versus the analyst estimate of $0.78. Revenue for the quarter came in at $7.8 billion versus the consensus estimate of $6.97 billion. 
•  As of the end of the quarter, worldwide futures orders for NIKE Brand athletic footwear and apparel scheduled for delivery from September 2013 through January 2014 were 8 percent higher than orders reported for the same period last year. Excluding currency changes, reported orders would have increased 10 percent. 
•  Revenues for the NIKE Brand were $6.5 billion, up 7 percent on a currency neutral basis. Inventories rose 6 percent to $3.5 billion. 
• Greater China sales fell 1 percent (3 percent ex-currency) to $574 million. 
• Emerging markets sales rose 1 percent (5 percent ex-currency) to $902 million. 
• Gross margin increased 120 basis points to 44.9 percent.

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