In reporting Q3 results in line with its expectations but well below historical highs, Nike senior executives confirmed the streamlined company is ramping up “a multi-year cycle of innovation” that will initially focus on new iterations of its Air technology, increased investments with its wholesale partners, and sharpened brand storytelling to reach and excite consumers worldwide with both product freshness and innovation.

Profits soared in the final quarter to $669,468,000 from $119,811,000 in Q4, 2022, which included a huge goodwill writedown on the since-discontinued Mirror business, as sales grew by 16% to $3,205,103,000 from $2,771,838,000 and comps improved 12%.

Fourteen new stores opened last year and an extra selling week contributed to push the top line up 3% in the final quarter to $1,794,828,000 from $1,746,503,000, despite a 3.6% decline in comp store sales.

The bottom line swung to a loss of $29,698,000 from last year’s profit of $45,110,000 on 1% lower sales of $754,348,000 compared to $760,546,000 for the fourth quarter, with blended comps down 7.3%.

Net income slipped 28% to $15,520,000 from $21,610,000 in the final quarter on sales that dropped 4% to $280,169,000 from $290,779,000, with comps down 9.4% as a strong Holiday performance offset soft trends early in the quarter and weather disruptions in Jan.

The bottom line at the Chinese footwear maker increased 20% last year to $140,255,000 from $117,187,000, on 8% lower revenues of $1,492,651,000, down from $1,630,771,000, due to a weak retail environment and destocking at some of its athletic clients.

After its start selling an innovative tennis ball launcher, Slinger went public in a reverse merger, changed its name to Connexa, bought and then divested two technology companies, and is now merging with a Hong Kong-based matchmaking service.

Ravin is recalling about 13,300 R500 series crossbows because an arrow can discharge unexpectedly if it’s not fully cocked.