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NKE

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Nike on Tuesday posted surprise sales growth in its fiscal first quarter but said it still has work ahead to execute its turnaround as it warned it expects sales to fall again during most of the holiday shopping season.

Nike expects sales during its current quarter, which runs generally from early September to early December, to fall by a low single digit percentage, in line with expectations of a 3% decline, according to LSEG. Without favorable foreign exchange rates, sales could come in even lower, as the company said its guidance includes a 1 percentage point of positive impact from exchange rates.

Nike has made progress in its turnaround plan, but the expected decline during most of the holiday shopping

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