{"text":[[{"start":7.3,"text":"Nike’s profits were boosted by a huge tariff refund in its fourth quarter but underlying performance continued to struggle as revenue remained flat and China sales declined. "}],[{"start":16.7,"text":"The shares fell as much as 9 per cent after the market close on Tuesday, when Nike released its results."}],[{"start":24.25,"text":"The company reported a quarterly net income of $1.07bn after receiving a tariff-related refund of $986mn. Nike’s full-year profits were nonetheless down 3 per cent."}],[{"start":37.45,"text":"The trainer maker reported $11bn in revenue in the quarter, its lowest haul since February 2022."}],[{"start":45.150000000000006,"text":"Its quarterly gross margin improved to 49.2 per cent from 40.3 per cent last year, but Nike estimated margins would have been roughly flat without the refund boost."}],[{"start":57.300000000000004,"text":"The results were in line with the downbeat outlook Nike issued last quarter. That forecast, much lower than Wall Street anticipated, sent its shares tumbling 15 per cent when it was announced in March."}],[{"start":69.05000000000001,"text":"Nike maintained its forecast for “flattish” earnings in the next two quarters, but forecast a revenue decline of low- to mid-single digits, to be partially offset by supply chain improvements. The forecast excludes tariff refunds."}],[{"start":82.60000000000001,"text":"It attributed the lower revenue guidance to tariff risk, continued disruption in the Middle East and poor consumer sentiment spurred by high oil prices. “The environment around us continues to be volatile,” chief financial officer Matthew Friend told investors."}],[{"start":98.05000000000001,"text":"Nike is in the middle of a turnaround effort under chief executive Elliott Hill as it seeks to reverse years of declines across its business. It has lost ground to newer rivals such as shoemakers Hoka and On and struggled in China."}],[{"start":112.20000000000002,"text":"Nike’s China revenue declined 17 per cent, excluding currency changes, in the most recent quarter, roughly in line with expectations."}],[{"start":121.60000000000002,"text":"It said that its sportswear business struggled this quarter, declining by double digits globally. Performance gear sales improved by single digits."}],[{"start":130.70000000000002,"text":"Under Hill, Nike reorganised its business around individual sports rather than the previous structure of men’s, women’s and children’s products. He has worked to refocus Nike on product performance and innovation, and to improve relationships with retailers."}],[{"start":145.95000000000002,"text":"The company is also pivoting back to retail and away from a direct-to-consumer strategy, which ceded space on shop shelves to rivals. Nike’s wholesale business grew 1 per cent on a currency-neutral basis in the past quarter while its direct-to-consumer business declined 7 per cent."}],[{"start":162.95000000000002,"text":"Last week, Nike announced that current Pfizer CFO Dave Denton will take over the role from Friend in August."}],[{"start":177.95000000000002,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1782877201_2899.mp3"}