India, June 27 -- Shares of Nike Inc. were up around 11 percent in the extended trading on Thursday on the NYSE and are currently gaining around 10 percent in pre-market activity, despite reporting a sharply lower fourth-quarter results with the biggest hit from its turnaround plan. Further, the sportswear giant projects weak margin and sales in its first quarter, but slower than the preceding quarter.
In its earnings call, Nike said it expects U.S. tariffs on imports to add around $1 billion to its costs, but intends to fully mitigate such costs over time as it adjustes supply chain, and implements price increases.
According to Matthew Friend, Executive Vice President & Chief Financial Officer, the fourth-quarter results reflected the la...