Nike shares surged 8.91% to an all-time high on Friday after the company reported a solid first quarter and big beats on the top and bottom lines (Disclosure: Nike Inc is one of the core holdings of Mutual Fund Compass Global Trends).

The stock is up 30% year-to-date.

On Thursday evening, the apparel giant reported adjusted earnings per share of $1.34, up 23%, and revenues of $8.4 billion.

Revenues from North America rose 8% - 9% excluding currency fluctuations. In addition, despite concerns over a weaker macro, the China business saw 30% revenue growth at higher operating margins.

Analysts had estimated $1.19 in adjusted earnings per share, and $8.22 billion in revenues, according to Bloomberg. They were looking for 10% revenue growth in North America.

Compared to an year ago, future orders - placed by retailers worldwide for delivery between September and January - were 9% higher at the end of the quarter. Excluding the currency impact, they rose 17% (which represents the best result since the Olympics in 2012), beating the forecast for 10.3% growth.

At the annual shareholders meeting last week, the company announced that revenues grew 10% to $30.6 billion in the most recent fiscal year.

Deutsche Bank analysts raised their price target on the stock to $140 from $125.

(Sources: Reuters, Bloomberg, Nike Inc.)

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