Nike Inc’s turnaround efforts are starting to pay off as the world’s largest sportswear company realigns the business around sports such as running and basketball.

The company said efforts to roll out new products, boost marketing efforts and clear out old inventory helped blunt a longtime sales slump — results that buoyed shares in Nike by about 4 per cent in premarket trading.

The stock had dropped about 8 per cent this year through Tuesday’s close as investors waited for Nike to show signs that its comeback bid is actually working. On Wednesday, Nike’s better-than-expected results also boosted European sportswear stocks, with both Adidas AG and Puma SE shares climbing.

Sales at Nike fell 1 per cent on a currency-neutral basis in its most-recent quarter, the company said, a smaller dr

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