Nike’s Sales Fall, But Not as Much as Expected as CEO Touts Progress in Turnaround Plan

Nike’s (NKE) fiscal fourth-quarter sales and profits declined year-over-year, but not as much as analysts expected, as the company works on its turnaround plan. 

The sneaker and sportswear giant’s revenue fell 12% year-over-year to $11.1 billion, though the figure topped the analyst consensus compiled by Visible Alpha. Net income of $211 million, or 14 cents per share, fell from $1.5 billion, or 99 cents per share, in the year-ago quarter, but also topped Street projections.

The better-than-expected quarter represents Nike’s third under CEO Elliott Hill, who took the helm of the company last October, and comes after Nike warned in March that its turnaround plan could hurt sales in the short term, but that its efforts to shift its portfolio would likely start to ease after the fourth quarter.

“Moving forward, we expect our business to improve as a result of the progress we’re making,” Hill said in a release Thursday.

Nike shares slid about 1% in extended trading. The stock was down about 17% for 2025 through Thursday’s close.