Nike has reported flat third-quarter revenues of $11.3 billion, with declines in Europe and China partially offset by growth in North America.

Revenues for Converse were $264 million, down 35%.

Operating overhead expense was up 3% at $2.9 billion, due to employee severance costs and changes in exchange rates. Tariffs also hit profits.

Elliott Hill, CEO of Nike, said: "This quarter we took meaningful actions to improve the health and quality of our business. The pace of progress is different across the portfolio and the areas we prioritised first continue to drive momentum.

“The work is not finished, but the direction is clear, our teams are moving with focus and urgency, and our foundation is getting even stronger to build the future of Nike.”