The tough economy does not appear to be impacting Hurley much.

Parent company Nike Inc. reported yesterday that Hurley’s first quarter revenue for the period ended Aug. 31 rose 38 percent.

Nike CEO Mark Parker called out Hurley’s strong performance in Nike’s earnings conference call with analysts, saying “Hurley is gaining some serious top and bottom line momentum.”

“The brand really showed its strength at the recent action sports retailer show in San Diego,” Parker said. “Action sports is one of the fastest growing segments in our industry, and with our Nike Inc. portfolio, specifically Hurley, Converse and the Nike brand, we are well-positioned to go after that grow.”

Parker also highlighted Converse’s results. Converse revenue increased 32 percent. He said One Star in Target is also performing better than expected.

Other Nike Inc. results

-Overall revenue rose 17 percent to $5.4 billion. Excluding currency benefits, revenues rose 11 percent.

– Net income decreased 10 percent to $510.5 million. Nike said it had a one-time tax gain in the first quarter last year. Excluding that, net income in Q1 2008 would have risen 10 percent.

– U.S. revenue rose 8 percent to $1.8 billion. Strong performing Nike categories included running, action sports and basketball. Future U.S. orders are up 3 percent.

– Retail revenues around the world increased 18 percent. In the U.S., retail revenue rose 16 percent, while retail comps increased 8 percent.