Nike Inc.’s stock soared 15 percent and closed at $72.04 per share on Friday, one day after president and chief executive officer Elliott Hill told investors that the worst is behind them.

“The results we’re reporting in Q4 and in fiscal year 2025 are not up to the Nike standard,” Hill told analysts on the company’s earnings call on Thursday. “But as we said 90 days ago, the work we’re doing to reposition the business through our Win Now actions is having an impact. From here, we expect our business results to improve. It’s time to turn the page.”

The CEO then added that early feedback to Nike’s product pipeline from its wholesale partners “has been positive.”

“Our order book is improving sequentially, with our holiday orders up,” Hill said. “We’re finding a better balance with our portfolio of sport performance and new dimensions of sportswear, expected to offset the declines in our classic franchise with wholesale partners.”

As discussed for months now, Nike has been working to clean up its distribution of the oversaturated Air Force 1, Jordan 1 and Dunk models. Now, the CEO is touting some newness in the sportswear side of the business with Vomero 5, P-6000, Shox, SuperFly, Air Max Muse and Air Max 95.

On Thursday’s call, Hill mentioned that the Vomero sneaker has already become a $100 million business with growth in all geographies.

This comes as the company reported net income in the fourth quarter of fiscal 2025 fell 86 percent to $211 million from $1.5 billion in the year-ago period. Diluted earnings per share dropped to 14 cents from 99 cents. And sales tallied $11.1 billion, down 12 percent from $12.6 billion.

Looking at the full fiscal year, Nike reported revenues of $46.3 billion, down 10 percent. Net income dropped 44 percent to $3.2 billion.

“I believe we have everything we need to win and we are ready for the new fiscal year,” Hill added. “We’re laser-focused on what we can control, inspiring and innovating for the 8 billion consumers we have the privilege to serve. We know what it will take to set off the next wave of growth for Nike. From here, it’s on us to get back to executing at the level we expect.”