March 21 (Reuters) - Nike ( NKE ) beat Wall Street

estimates for third-quarter revenue on Thursday, on the back of

its newer sneaker styles that were launched to draw back

customers amid rising competition from brands such as On

and Decker's Hoka.

Shares of the world's largest sportswear maker, which had

fallen 7.2% in 2023, were up nearly 1% in extended trading.

Nike ( NKE ) had launched new styles such as LeBron 21 and Ultrafly

to compete with On and Hoka, which helped pull in sales after

seeing demand falter in recent quarters.

The company reported a 3% jump in its largest market, North

America, where it offered heavy promotions on its Jordan shoes

to attract customers.

Nike's ( NKE ) wholesale business, which had been suffering for the

last few quarters after retailers cut back on orders, bounced

back and saw a 3% rise in the third quarter.

The company's net income fell to $1.17 billion, or 77 cents

per share, from $1.24 billion, or 79 cents per share, a year

earlier. Nike ( NKE ) said operating overhead expenses increased 6% to

$3.2 billion, primarily due to restructuring charges.

Nike ( NKE ) announced in February it would cut about 2% of its

total workforce, or more than 1,600 jobs, as the sportswear

giant looks to lower expenses amid frail demand for its shoes

and sneakers.

In December, the company outlined a $2 billion savings plan

that it plans to implement over the next three years, which

included reducing the supply of underperforming products and

improving its supply chain.

The world's largest sportswear maker said revenue rose to

$12.43 billion for the third quarter from $12.39 billion a year

earlier. Analysts had expected $12.28 billion, according to LSEG

data.