Nike Finds Its Footing as Stock Surges 15% on Sales Turnaround

Every athlete knows rock bottom — when you wonder if you’ll ever get up again. For NikeNKE

, that moment has allegedly passed, with its new CEO declaring its sales slump has bottomed out after its stock tumbled 35.4% in one year. The news sparked a 15.2% surge on Friday as Swoosh faces its next challenger.

• “It’s time to turn the page,” declared CEO Elliott Hill, forecasting a mid-single-digit sales decline after last quarter’s 11% drop — both ahead of Wall Street expectations.
• Hill’s efforts include purging inventory, refocusing on sports, and returning to retailers like AmazonAMZN
  — while peers like DeckersDECK
  , Under ArmourUAA
  , and OnON
  have tumbled 49.1%, 14.9%, and 14.2% YTD, respectively.

Final boss: Facing a $1B tariff burden, Nike plans a supply chain shuffle. The company will implement “surgical” price increases this fall while slashing China footwear imports from 16% to high single digits by 2026. Instead of onshoring production, Nike will reallocate across countries and work with suppliers to soften the consumer blow, evaluating corporate cost cuts. As Nike laces up for its next challenge, Hill’s playbook proves nothing says “Just Do It” quite like dodging a billion-dollar tariff bill.