Nike sales declined, but stock rose 4%

The sports retailer saw its revenue decline to $11.3 billion in its last quarter, marking a fall of 9%. However, its stock rose as the fall beat analyst estimates of an 11% drop.

The brand’s China sales saw a 17% plunge and are the main reason behind the fall.

As the company faces slowing consumer demand, it is betting on new CEO Elliot Hill—who the company brought back last year to turn things around—and on partnerships with brands like Skims by Kim Kardashian to revive profits.