Key TakeawaysNike 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’s efforts to reduce discounting, streamline inventory, and diversify its supply chain are early but promising signs of a turnaround.

Nike, Inc.'s Q4 results show early progress with inventory stabilization and renewed strategies, sparking optimism. Click for my look at NKE stock prospects.

Nike said it's raising prices to offset $1 billion in tariff costs, while it works on diversifying its sourcing and reducing its reliance on China.