Nike tops estimates as China sales drop 12%, expects $986 million tariff refund
Sneaker giant Nike beat Wall Street estimates for the quarter, even as it works through a difficult turnaround. Sales in China fell 12%, underscoring pressure in a key market. Nike also said it expects a $986 million tariff refund.
Nike reported quarterly results that beat Wall Street forecasts, defying expectations for another decline at the sneaker giant. The company had been widely tipped to post falling sales as it works to regain strength.
Sales in China, however, dropped 12%, highlighting continued difficulty in one of the brand's most important markets. Nike has spent months trying to steady the business under a broad turnaround strategy.
The company also said it expects a tariff refund of about $986 million. Beyond the headline numbers, investors focused on the retailer's outlook for the coming period and the pace of its recovery.
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