Nike (NYSE:NKE) shares were trading more than 13% higher today following the company’s reported Q2 results, with EPS of $0.85 coming in better than the Street estimate of $0.65, driven by better-than-anticipated revenues as North America and EMEA were meaningfully ahead of the Street estimates.

Revenue grew 17% year-over-year (up 27% on a currency-neutral basis) to $13.3 billion, beating the Street estimate of $12.58 billion. Gross margin fell 300 basis points to 42.9%, mainly because of higher markdowns to liquidate inventory, ongoing unfavorable changes in net FX, elevated freight and logistics costs and increased product input costs.