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Nike Inc.’s results surpassed analysts’ expectations as its new chief executive officer’s turnaround strategy begins to take hold.
Revenue fell 9 percent to $11.3 billion for the quarter ended Feb. 28. That’s better than the 11 percent drop that Wall Street predicted.
Nike shares rose 4 percent at 4:26 p.m. in after-hours trading in New York. The stock is down 5 percent this year through Thursday’s close, a slightly steeper drop than the S&P 500 Index.
CEO Elliott Hill, a longtime…
