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The shares of global sport equipment and apparel retailer, Nike Inc. (NKE - Analyst Report), soared to a new 52-week high of $62.81 on Monday, Apr 29. This Zacks Rank #2 (Buy) company closed trade at $62.63, representing a solid return of 12.0% year over year and gaining about 20.8% year to date. Average volume of shares traded over the last 3 months stands at approximately 3,818K.

Alongside, companies like GameStop Corp. (GME - Analyst Report), The Walt Disney Company (DIS - Analyst Report) and G-III Apparel Group Ltd. (GIII - Snapshot Report) crafted new 52-week highs of $35.30, $63.25 and $41.14, respectively on Monday.

An impressive record of beating the quarterly earnings expectations, sustained focus on brand building as well as initiatives to expand operations in the emerging markets are the major attributes that pushed the shares of Nike to a new high.

With respect to earnings surprise, Nike has surpassed the Zacks Consensus Estimate thrice in the trailing four quarters with an average surprise of 4.9%. The company witnessed an earnings surprise of 9.0% in the most recently reported third quarter of fiscal 2013.

Nike came up with its third-quarter fiscal 2013 earnings of 73 cents per share in March, which surpassed the Zacks Consensus Estimate of 67 cents. Moreover, the quarterly earnings climbed 19.7% year over year, resulting from increased revenues, improved margins, lower share count and reduced tax rate.

Nike's total revenue grew 9% year over year to $6,187 million, primarily driven by robust performances across all geographical regions barring Greater China and Japan. Moreover, the company registered growth in all key categories excluding Sportswear and Action Sports.

Further, we believe Nike’s continued focus on expanding its global footprint and augmenting market share via acquiring new brands bode well for future growth. Simultaneously, the company has moved out of its underperforming brands such as Umbro and Cole Haan. We believe that this strategy will help Nike increase focus on its faster growing brands while reducing costs.

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