Nike's turnaround lifts stock

Nike Inc.’s turnaround efforts are starting to pay off as the world’s largest sportswear company realigns the business around sports such as running and basketball.

- Bloomberg

The firm said efforts to roll out new products, boost marketing efforts and clear out old inventory helped blunt a longtime sales slump—results that buoyed Nike shares by about 4% in premarket trading.

The stock had dropped about 8% this year through Tuesday's close as investors waited for Nike to show signs that its comeback bid is actually working. On Wednesday, Nike's better-than-expected results also boosted European sportswear stocks, with both Adidas AG and Puma SE shares climbing.