The results were better than analyst expectations but the struggling company's share price nevertheless sank by more than four percent in after-hours trading.
The Oregon-based sportswear manufacturer posted revenues of $11.3 billion for the quarter ended on February 28, down from the same period last year.
On a currency-neutral basis, revenues fell seven percent.
Nike's direct-to-consumer business, which include Nike-owned stores, recorded a steeper decline, with revenues dropping 12 percent to $4.7 billion. Online sales were particularly hit, plunging 15 percent.
The progress made on strategic priorities "reinforces my confidence that we are on the right path," said Elliott Hill, President and CEO of Nike.
Hill took charge of Nike in mid-October, replacing John Donahoe, who retired. Hill had held several senior positions at Nike before retiring in 2020, after a 32-year career.
Since his return, the CEO has implemented the "Win Now" strategic plan to turn around the equipment manufacturer, which has been in decline for several years.
Despite the downturn, the company returned approximately $1.1 billion to shareholders during the quarter through dividends and share repurchases.
Nike's wholesale business fared slightly better than its direct channels, declining seven percent on a reported basis to $6.2 billion.
Converse, a Nike subsidiary, saw an 18 percent revenue decline to $405 million.
Chinese owner sees revenue growth slow
Beijing (AFP) Mar 20, 2025 -
Chinese e-commerce giant PDD Holdings announced Thursday slower revenue growth for the third quarter running, as the Temu owner confronts trade tensions between Beijing and Washington.
The Shanghai-based company posted revenues of 110 billion yuan ($15 billion) in the three months to December 31, up 24 percent year-on-year.
The figure was down on the 44 percent growth recorded in the third quarter, continuing a slowdown following 86 percent growth in the second quarter and a 131 percent surge at the start of 2024.
As owner of overseas e-commerce platform Temu, PDD Holdings is expected to face further challenges as US levies against Chinese goods begin to bite.
US President Donald Trump this month doubled a blanket tariff on all Chinese imports from 10 to 20 percent.
The order came after Trump in February scrapped a customs exemption for goods valued under $800, long a vital part of the business model supporting platforms offering low-cost goods like Temu and rival Shein.
The companies send out tens of billions of dollars worth of clothes, gadgets and other items from their vast network of factories in China annually.
Since its September 2022 launch, Temu has become one of the most widely used online shopping sites in the United States.
PDD Holdings executives on Thursday remained optimistic in the health of its online mega-shops.
"Looking ahead, we will continue to prioritize investments in the platform ecosystem as the cornerstone of our long-term value creation strategy", the company's vice president of finance, Jun Liu, said in a statement.
The firm reported net income of 27.4 billion yuan in the fourth quarter, up 18 percent compared to a year prior.
The results came in short of forecasts, causing US shares to fall 3.3 percent in pre-market trading, Bloomberg reported.
PDD Holdings also owns one of China's leading online retailers -- Pinduoduo -- which has achieved success in part by reaching consumers in rural areas with a diverse offering of low-cost products.
The filings of Chinese e-commerce firms have been closely watched by analysts and investors for signs of a resurgence in China's consumer spending.
Alibaba reported eight percent growth in the fourth quarter, compared to JD.com with 13.4 percent.
Beijing has sought to boost spending with a series of measures, from rate cuts to subsidies for home appliances.
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