Nike reported sharply lower quarterly profits Thursday, but signalled it was past the worst stage of a corporate retooling as it implements ‘surgical’ US price increases to defray tariff costs.
The Oregon-based sportswear company, beset with oversupply of merchandise that fell flat with consumers, reported profits of $211 million in its fiscal fourth quarter, down 86 per cent from the year-ago period.
Revenues fell 12 per cent to $11.1 billion, with the steepest declines in Nike’s Greater China region.
‘The fourth quarter reflected the largest financial impact from our Win Now actions, and we expect the headwinds to moderate from here,’ said chief financial officer Matthew Friend.Â