Nike beats on cost cuts, shares jump

"We certainly are seeing a more benign environment on currency than we had potentially expected earlier," Blair told analysts. "The dollar has weakened a bit."

On a constant currency basis, Nike expects full-year revenues to be down slightly, with second-quarter revenues falling on a percentage basis in the low-single digits. Gross margins are expected to decline in the second quarter and for the full year from year-ago levels, Blair said.

Shares of Nike rose to $62.75 after-hours after closing at $60.09 on the New York Stock Exchange.

(Editing by Edwin Chan and Christian Wiessner)