Nike (NKE) shares outperformed the competition today, after the company strongly exceeded expectations in its first quarter earnings report, released yesterday.

Quarterly revenue fell 1% on an informed basis, or stable in terms of neutral currency, reaching $ 10.6 billion, which was much better than the $ 9.14 billion analyst consensus.

Direct sales in the quarter, which include Nike stores and Web portals, increased 12% in the period to $ 3.7 billion, and digital sales increased 82% with strong performance across all geographies, including growth of three digits in Europe, Middle East and Africa (EMEA). The stock fell 9% from the previous quarter, but still increased 15% from the previous year, showing the company taking steps to manage the stock after the initial shock of the pandemic.

Nike’s profits actually increased in the quarter, despite the headwinds of the pandemic, as the lack of sporting events meant that marketing expenses – or what she calls demand creation – fell 33%, to $ 677 million. As a result, net income increased 11% to $ 1.52 billion, and earnings per share rose 10% to $ 0.95, overturning the consensus of just $ 0.47.