NEW YORK (CNNMoney) -- Apparently there is no recession for shoes. Sporting-goods maker Nike (Fortune 500) and footwear retailer Finish Line ( ) both reported better-than-expected earnings, and as a result their stocks stood tall in a dismal market environment.,
Nike reported first-quarter earnings per share of $1.36, handily exceeding analysts' estimates for $1.21. Shares of the world's biggest sporting-goods manufacturer advanced more than 6% Friday, approaching their all-time high reached in July this year.
Worldwide future orders for the Nike brand increased 16%. Sales rose 35% in emerging markets, which account for a quarter of Nike's business. Revenues from other regions grew, too: 16% in North America and 14% in Western Europe. Gross margins declined by 2.7% due to rising costs for raw materials.
Finish Line shares advanced more than 12% by noon after the footwear retailer reported a 24% increase in earnings for the second quarter.
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