Nike Inc (NYSE: NKE) ended 2023 by reporting declining revenue and profit despite beating both top and bottom line estimates with its latest quarter results.

Fiscal second quarter highlights

For the quarter ended on November 30th, revenue fell about8%to$12.35 billion, but still surpassed LSEG's estimate of $12.13 billion. During the quarter, store and online sales contracted by 13% while wholesale revenues dropped 3%.All four geographical regions recorded declines in sales, but besides China, results were better than expected. In North America, sales declined 8% to $5.18 billion, but still topping StreetAccount's $5.01 estimate. Europe, Middle East and Africa sales dropped 7% to $3.30 billion, also topping...