If you were lucky enough to own a piece of Nike (NYSE: NKE) prior to Thursday's close, congratulations are in order. Shares of the athletic apparel company popped following the release of its fiscal 2024 first-quarter numbers and encouraging expectations for the quarter now underway.

Specifically, per-share earnings of $0.94 were up slightly year over year, and they easily topped the analyst consensus estimate of $0.75 per share. Moreover, management believes profit margins will not only widen going forward, but its beleaguered business in China is positioned for a recovery.

And maybe that's exactly what's in store.

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Source Fool.com