** Nike Inc NKE.N shares fall about 4% in premarket trade after the co signaled a prolonged turnaround, with persistent weakness in China and a cautious outlook overshadowing a modest Q4 revenue beat

** The sportswear giant projected a further revenue drop through H1 fiscal 2027 as it grapples with stiff competition and elevated inventory, with CEO Eliott Hill saying "the results aren't there yet"

** Sales in Greater China, a key market, fell 17% on a constant-currency basis in Q4, steepening from a 10% decline in the prior qtr amid market-share losses to local rivals

** "We expect FY28 to be the first 'normal' year with both top-line growth and continued margin improvement from cost initiatives and improved full priced selling" say analysts at Bernstein

** Stock has dropped about 35.6% YTD, contrasting with S&P 500 .SPX's 9.6% rise, trading ~49% below its 52-week intraday high