The world’s largest sports apparel company, Nike, released Q2 2009 earnings, beating Wall Street expectations.

Nike reported total revenue of $4.4 billion ($0.76 per share) for the quarter, slightly beating Wall Street expectations of $0.71 per share.

Nike’s revenues fell by 4-percent in the second quarter mainly due to slumping demand for its products given decreased consumer spending in North America. However, emerging markets (were revenue was up by 8-percent to $555 million in the segment) particularly in China, helped to offset the slumping North American demand.

Nike executives remain very optimistic about the future of the company given new products (such as the “Fresh Air” shoe line) that are set to launch and given the World Cup in 2010.

The company did not release any information as to how the recent Tiger Woods fiasco could affect earnings or the Nike brand. Nike President Charlie Denson ensured the Nike brand remains very strong and only said the company would respect Tiger’s request for privacy.