Nike Inc ( NKE ) reported second-quarter financial results for fiscal 2025 after the market close on Thursday. Here’s a rundown of the athletic footwear and apparel company’s report.

Q2 Earnings: Nike reported second-quarter revenue of $12.35 billion, beating analyst estimates of $12.13 billion. The company reported second-quarter earnings of 78 cents per share, beating analyst estimates of 65 cents per share.

Total revenues were down 8% year-over-year. North America sales were down about 8%, Greater China sales were down about 8%, European sales fell 7% and Asia Pacific and Latin American sales were down 3%.

Nike Direct revenues were $5 billion in the quarter, down 13% year-over-year. Nike Brand revenues totaled $12 billion, down 7%, and Wholesale revenues fell 3% to $6.9 billion.

Inventories came in at $8 billion, flat on a year-over-year basis. The company ended the quarter with $9.8 billion in cash, equivalents and short-term investments.

“After an energizing 60 days of being back with my Nike teammates, our clear priority is to return sport to the center of everything we do,” said Elliott Hill, president and CEO of Nike.

“We’re taking immediate action to reposition our business, so we can get back to driving long-term shareholder value. Our team is ready to go, and I’m confident you will see more moments of Nike being Nike again.”

Hill, a longtime Nike veteran, took over for former CEO John Donahoe in October. Executive vice president and CFO Matthew Friend noted the company is accelerating pace and reigniting brand momentum under Hill’s leadership.

Don’t Miss: Nike’s Earnings Loom With Bearish Signals: Will The Swoosh Bounce Back?

Nike noted it returned approximately $1.6 billion to shareholders during the quarter, including $557 million in dividends and $1.1 billion in share repurchases. As of Nov. 30, Nike had approximately $6.7 billion remaining under its four-year buyback approved in June 2022.

Management will further discuss the quarter on a call with investors and analysts at 5 p.m. ET.

NKE Price Action: Nike shares were down approximately 29% year-to-date heading into the print. The stock was up 8.24% in after hours, trading at $83.50 at the time of publication Thursday, according to Benzinga Pro.

Read Next:

‘It’s So Boring,’ But Kevin O’Leary Says This Little-Known Real Estate Play That Sends Him A Check Every Month