Sportswear giant Nike reported another quarterly sales decline as it continued to face weak demand in China, falling direct-to-consumer sales, and a steep drop at its Converse brand.
The Beaverton, Oregon-based company said on Wednesday that its fourth-quarter revenue fell 1 percent year over year to $11.0 billion. For the full fiscal year, revenue was roughly flat at $46.4 billion.
Fourth-quarter profit rose sharply to $1.1 billion, up from $211 million a year earlier, according to the earnings report. The increase was helped by an expected recovery of tariffs, which Nike said provided a $986 million benefit. For the full fiscal year, net income fell 3 percent to $3.1 billion….Â
Nike Revenue Slips as Turnaround Effort Faces China Headwinds
