Shares of Nike (NYSE: NKE) soared on its latest earnings report, and it's easy to see why.

The company smashed expectations on the top and bottom lines with revenue increasing 17%, or 27% on a constant-currency basis, to $13.3 billion, well ahead of estimates at $12.6 billion.

Profits were essentially flat from a year ago as the company paid a higher tax rate and markdowns were higher than normal due to excess inventory. Pre-tax income increased 10% to $1.65 billion, and earnings per share rose from $0.83 to $0.85, which breezed past expectations at $0.65.

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Source Fool.com