“Fiscal 2016 is off to a great start”, stated Mark Parker, President and CEO of NIKE, Inc., adding: “Our relentless pace of growth is driven by our proven strategy of putting the consumer first, obsessing innovation in everything we do and leveraging our powerful portfolio. We’re well-positioned to continue to deliver long-term growth that is both sustainable and profitable.”

Revenues for the Nike brand totaled 7.9 billion US dollars, up by 15% on a currency-neutral basis driven by growth in every geography and nearly every key category. Revenue for the Converse brand reached 555 million US dollars, up by 3% on a currency-neutral basis, mainly driven by strong growth in the United States, partially offset by a decline in the United Kingdom.

Gross margin expanded 90 basis points to 47.5%, mainly driven by higher average selling prices and continued growth in the higher margin Direct to Consumer (DTC) business, partially offset by higher product input and warehousing costs.

Net income grew by 23% and totaled 1.2 billion US dollars, while diluted earnings per share increased by 23% to reach 1.34 US dollars, reflecting strong revenue growth, gross margin expansion, selling and administrative expense leverage, a lower tax rate and a decrease in the weighted average diluted common shares outstanding.