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When Nike
reported fiscal third-quarter earnings on Tuesday night, investors were looking for evidence its recovery is on track.
Instead, they learned that the retailer’s turnaround is far from over, sending shares tumbling more than 14% in midday trading Wednesday.
During a call with analysts, finance chief Matt Friend warned sales would slide by a low single-digit percentage through the end of this calendar year, as a decline in China is expected to offset growing strength in North America.
