Nike Reports Strong Revenue; Shares Surge

Nike Inc. reported its best quarterly revenue growth in over a decade barring one quarter and handily beat profit expectations as North American shoppers rushed to stock up on sneakers and sportswear before the holidays.

Shares in the world’s largest sportswear maker surged 13 percent in after-market trading.

Steeper discounts and increased promotions to reduce excess inventory through the quarter helped the Beaverton, Oregon-based company…