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.<\/p>\n
The company’s earnings for the last three months also topped estimates, despite being its worst quarterly figures for more than three years.<\/p>\n
Nike announced fourth-quarter revenue of $11.1bn – the lowest since the third quarter of 2022.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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. <\/p>\n