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00:02Nike reported better-than-expected quarterly earnings and revenue on Tuesday,
00:07even as sales declined again in its key China market, according to CNBC.
00:12The athletic shoe giant reported adjusted earnings of 20 cents per share
00:16on revenue of $10.97 billion, topping expectations of $13 cents per share and $10.86 billion in
00:25revenue. Gross margin rose 8.9% after a nearly $986 million tariff refund added 52 cents to earnings
00:35per share. Analysts excluded that gain from their adjusted earnings expectations.
00:41Nike reported net income of $1.07 billion, or 72 cents per share, up from $211 million,
00:48or 14 cents per share, a year earlier. Greater China sales fell 12% to $1.30 billion,
00:57but still topped Wall Street expectations of $1.24 billion.
01:02Nike's turnaround effort faces macroeconomic uncertainty from tariffs, the war in the
01:07Middle East, rising gas prices, higher oil prices, and weaker consumer confidence.
01:13Shares dropped more than 4% in extended trading Tuesday.
01:16For all things money, visit Benzinga.com.
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