Nike Surges After Predicting Its Sales Slump Has Hit Bottom (3)

Nike Inc. said its yearlong sales decline is starting to ease, suggesting that Chief Executive Officer Elliott Hill’s strategic moves are paying off.

Nike shares advanced as much as 15% at the on Friday — the biggest intraday gain since 2022 — after an upbeat earnings call rekindled enthusiasm about the company’s turnaround efforts. Before today, the stock had lost a third of its value over the past 12 months.

The sportswear company expects sales to fall by a mid-single digit in the current quarter, a smaller drop than Wall Street anticipated and an improvement from the previous three-month ...