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Nike shares soared 8 percent on Friday as product innovation and strong online sales helped revenue climb in North America and internationally.
So far this year, Nike's stock is up 16 percent, on pace for its ninth positive year in a decade. Nike's jump added about 38 points to Dow Jones Industrial Average at midday. Despite Nike's stock surge Friday, its year-to-date performance has lagged its North American-based competitors Under Armour and Lululemon.
"Nike is pulling out in front and I see this continuing into the next year, into 2019," SW Retail Advisors President Stacey Widlitz said on CNBC's "Squawk on the Street. "
Nike reported stronger-than-expected second-quarter results on Thursday. The company earned 52 cents per share, beating Refinitiv estimates of 46 cents per share. Quarterly revenue climbed to $9.37 billion, topping Wall Street's expectations of $9.18 billion in sales.
The company boosted its forecast for its current fiscal year to call for revenue growth somewhere between the high-single digits and low-double digits.
Nike is regaining market share it lost to rival Adidas, Widlitz said. She added she has seen markdowns during the holiday season on competitors' shoes — but not Nike's.
Jefferies analyst Randal Konik said in a note that Nike had "the perfect quarter amidst global trade disruption."
North America sales grew 9 percent, while international revenue increased by 20 percent. Even with trade tensions and an economic slowdown, the Oregon-based company saw sales in China grow by 31 percent, excluding currency fluctuations.
Its digital sales increased by 41 percent as Nike's investment in digital integration continues to pay off.
"We expect that company to continue to recapture the share it has lost to Adidas," Konik's note said. "However, we find valuation expensive versus peers, and we see [Foot Locker] as a better way to play NKE's resurgence. "
Shares of Foot Locker rose 5 percent on Friday. Nike shoes make up about 70 percent of Foot Locker's products.