Shares in Nike jumped by more than 10% in extended trading after it forecast a smaller drop in first quarter revenue than many analysts had expected.
The company’s earnings for the last three months also topped estimates, despite being its worst quarterly figures for more than three years.
Nike announced fourth-quarter revenue of $11.1bn – the lowest since the third quarter of 2022.
Chief financial officer Matthew Friend said the firm would move some production from China, which was hit with the biggest tariff increases, to other countries in response to Trump’s tariffs.
China currently manufactures 16% of Nike footwear that ends up in the US. Mr Friend said that figure would be cut to a “high single-digit percentage range” by the end of May 2026.
Trump announced sweeping “Liberation Day” tariffs on most goods from countries around the world on 2 April. Those plans included tariffs of 46% on goods from Vietnam and 32% on items from Indonesia, even bigger manufacturing hubs for Nike than China.
Later that month, he suspended most of those tariffs to allow for talks with the affected countries, with one top adviser promising “90 deals in 90 days”.
The move dropped tariffs to 10%, instead of the far higher rates that goods from many trading partners faced.