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Nike profits beat forecasts
Nike announced its financial results for the fourth quarter of its fiscal year, surpassing market expectations despite a 12% decline in sales in China, which dropped to $1.30 billion. Meanwhile, U.S. revenue increased by 3% to $4.83 billion. The company recorded a gross profit margin of 8.9%, supported by the recovery of customs duties totaling approximately $986 million. Additionally, net profit reached $1.07 billion, compared to $211 million in the previous year.
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