Star power: James speaks to reporters during a Los Angeles Lakers media day at UCLA in California. The US basketball superstar and Memphis point guard Ja Morant were sent to China recently as ambassadors, with a view to driving growth in the region. — AFP
NEW YORK: Nike has reported a surprise rise in first-quarter revenue and beat profit expectations as the storied sportswear brand’s turnaround effort gained traction despite weakness in China and tariffs pressuring margins.
On Tuesday, shares rose 3.4% in choppy extended trading as the company also managed to clear some of its bloated inventory and wholesale revenues returned to growth in a sign of early success for chief executive officer (CEO) Elliott Hill’s plan to get Nike back to its former glory.
