Nike Inc beat analysts’ estimates for quarterly revenue on Monday, benefiting from strong demand for its athletic apparel and sneakers in North America and Europe.

The company’s shares rose 2.3 percent to $113.12 after the bell and Nike also announced a new $18 billion class B stock repurchase plan.

Affluent Americans remain largely unaffected by decades-high inflation and are splurging on higher-priced products, helping Nike maintain a pandemic-induced boom in athletic wear sales.

The company reported fourth-quarter revenue of $12.23 billion, compared with estimates of $12.06 billion, according to IBES data from Refinitiv.

Nike’s net income fell to $1.44 billion, or 90 cents per share, in the quarter ended May 31, from $1.51 billion, or 93 cents per share, a year earlier.

By Ananya Mariam Rajesh and Praveen Paramasivam; Editing by Shounak Dasgupta

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