Nike, Inc. (NYSE: NKE) reported fiscal fourth-quarter financial results after the markets closed on Tuesday. The company said that it had $0.49 in earnings per share (EPS) on $8.24 billion in revenue. There are consensus estimates from Thomson Reuters that called for $0.48 in EPS on $8.28 billion in revenue. The same period from last year had $0.49 in EPS on $7.78 billion in revenue.

Gross margin fell by 30 basis points to 45.9% as higher average selling prices were more than offset by higher product costs, the negative impact of clearing excess inventory in North America and unfavorable changes in foreign currency exchange rates.

At the end of May 2016, worldwide futures orders for Nike Brand athletic footwear and apparel scheduled for delivery from June through November 2016 totaled $14.9 billion, an 8% increase from orders reported for the same period last year, and 11% higher on a currency neutral basis.

During the quarter, the company repurchased a total of 9.0 million shares for roughly $540 million as part of its four-year, $12 billion program approved by the board of directors last November.

In terms of its segments Nike reported:

• North America revenues remained flat year-over-year at $3.74 billion
• Western Europe revenues increased 19% at $1.50 billion
• Central & Eastern Europe revenue fell 4% to $345 million
• Greater China revenue increased 18% to $979 million
• Japan revenue increased 22% to $280 million
• Emerging Markets revenue fell 7% to $872 million

Mark Parker, President and CEO of Nike, commented:

Our consistent growth is fueled by innovation, which is why fiscal 2016 was such a breakthrough year for NIKE in everything we do. From product to manufacturing to how we serve our consumers – more personally and at scale – we’ve raised the bar of what’s possible. It’s a great time to be in sports, and the NIKE Brand has never been stronger. Fueled by our unrivaled roster of athletes, fiscal 2017’s calendar of sport moments promises to build on our business momentum and inspire consumers.

On the books, cash, cash equivalents, and short term investments totaled $5.5 billion at the end of the quarter, versus $5.9 billion at the end of the same period from last year.

Shares of Nike closed Tuesday up 2.3% at $53.09, with a consensus analyst price target of $70.52 and a 52-week trading range of $47.25 to $68.19. Following the release of the earnings report, the stock was initially down 6.3% at $49.79 in the after-hours trading session.

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