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

Nike shares surged 13.3% on Friday as an encouraging forecast on the back of its turnaround effort and plans to reduce China production for U.S.-bound goods bolstered investor confidence.

American athletic footwear and apparel corporation Nike has said it anticipates an additional USD1 billion in costs due to tariffs imposed under the US’ Trump administration, as the company seeks to shift production away from China.