Nike on Friday is forecasting a rebound from slow sales and profits in the last quarter and despite $1 billion added tariff costs on foreign goods of its sneakers and athletic gear.

Key Takeaways Nike shares surged 15% Friday after the shoe and athletic apparel maker beat estimates for the fourth quarter.Sales and profit fell less than expected year-over-year as new CEO Elliott Hill's turnaround plan progresses.

Nike reported a sharp 86% drop in profit for its fiscal fourth quarter, with net income plunging to $211 million from $1.5 billion a year earlier. Sales fell 12% to $11.10 billion, though both earnings and revenue beat Wall Street expectations.