Nike Inc. reported its fourth-quarter earnings with a net income of $211 million, or 14 cents per share, down from $1.5 billion, or 99 cents per share, a year earlier. The earnings per share surpassed analyst estimates of 12 cents, while revenue reached $11.1 billion, beating expectations of $10.7 billion. Despite the double beat, Nike's shares remained flat in after-hours trading. The company experienced a 12% decline in sales, with digital sales falling 26%, wholesale down 9%, and Nike stores rising 2%. Nike plans to reduce its reliance on Chinese manufacturing for the U.S. market to mitigate the impact of Washington's import tariffs, which came into effect at 145% on Chinese goods. The company also forecasts a smaller-than-expected drop in first-quarter revenue and expects Q1 FY26 revenues to decline by mid-single digits with gross margins also expected to decrease. Nike intends to raise prices this fall to offset tariff costs, with holiday order books up in North America, EMEA, and APLA regions, partially offset by declines in Greater China. Additionally, Nike's sneaker volumes declined approximately 8% in FY25, with average selling prices down about 3%. In contrast, Deckers Outdoor Corporation reported strong first-quarter results driven by higher sales of its Hoka and Ugg brands. Hoka revenue increased 20% year-over-year to $653 million, eight times its 2019 revenue. Deckers did not experience a material impact from tariffs during the quarter and implemented selective price increases on July 1. The company continues to grow sales at 17% and exceeds EPS estimates by over 20% each quarter, maintaining an EBIT margin above 20% and engaging in substantial stock buybacks. Deckers' CFO expressed confidence in the company's growth framework for Hoka and Ugg amid tariff uncertainties.