March 31 (Reuters) – Nike beat Wall Street expectations for third-quarter revenue on Tuesday, helped by ongoing turnaround efforts as tighter control on discounting and fresh product launches helped steady demand.
Nike has been struggling to revive sales as it faces a tougher consumer spending backdrop, marked by a stagnant labor market, mounting credit card debt and the Middle East war stoking inflation worries.
It is also grappling with weakening demand in China, its second‑largest market outside North America, where weaker product assortments and slower innovation have contributed to share losses against fast-rising local competitors including Anta and Li Ning.
Elliott Hill, a longtime Nike executive who was appointed CEO in October 2024, has been tasked with resetting the business after years of heavy discounting, excess inventory and uneven demand across key markets of North America and China.
The sportswear retailer’s revenue came in at $11.28 billion in the quarter ended February 28, flat to last year. Analysts on average estimated a 0.3% drop to $11.24 billion, according to data compiled by LSEG.
(Reporting by Savyata Mishra in Bengaluru; Editing by Anil D’Silva)
