STORY: Nike reported its best quarterly revenue growth in a decade barring one quarter on Tuesday (December 20).

The company also beat profit expectations as North American shoppers rushed to stock up on sneakers and sportswear before the holidays.

Sales in North America - which is Nike's largest market - surged 30%.

The company boosted sales through larger discounts and more promotions.

That was to reduce excess inventory through the quarter.

Wealthier shoppers also helped keep up a health crisis-led boom in athletic apparel sales.

Nike's finance chief Matthew Friend said the firm saw record demand during the key Black Friday and Cyber Monday period in North America.

Cyber Monday demand was also up by three-quarters from last year in Europe, Africa and the Middle East

Revenue jumped 17% to $13.3 billion for Nike = above analyst projections of $12.5 billion.

That was Nike's best showing in 42 quarters.

The only better quarter was the fourth of last year when retail stores started to open up after lockdowns.

The firm's margins were pressured though, largely due to a stronger dollar and higher logistics costs.

Investors were pleased with the overall update and shares surged 13% in after-market trading.