Nike Inc. NKE-N on Tuesday reported a surprise rise in first-quarter revenue and beat expectations for quarterly profit as the sportswear giant rebuilds its presence at wholesalers and CEO Elliott Hill’s turnaround efforts take hold.

Its shares were up about 3 per cent in extended trading. They have fallen about 8 per cent so far this year

The company’s first-quarter revenue rose 1 per cent on a reported basis to US$11.72-billion. Analysts had expected a fall of 5.1 per cent to US$11-billion, according to data compiled by LSEG.

Nike, for years synonymous with sports culture, is trying to rediscover its identity after a string of weak quarters.

It has lost market share to younger rivals such as On and Deckers’ Hoka, which are increasingly seen as more exciting, while demand in major m

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