Nike warned that sales will decline this quarter amid persistent weakness in China and at its Converse brand. The world's largest sportswear company expects revenue to be down in the low-single digits in the three months that started Dec. 1, a surprising turn after two straight periods of growth. Bloomberg's Jennifer Creery reports.

Beijing

Nike has reported a decline in sales, with notable weakness in the Chinese market and a 30% drop in Converse brand sales. The company is struggling to sell excess inventory and adapt quickly enough to changing consumer preferences, particularly in China, where sales fell 17%. While there is some growth in North America and the running category, it has not been sufficient to reassure investors.

Nike's leadership acknowledges that recovery will take time, with product development cycles lasting up to two years. The company is focusing efforts on major Chinese cities and has not issued full-year guidance, instead providing only quarterly outlooks. Longer-term guidance may be needed to restore investor confidence.

Nike warns of sales decline as China weakness persists

What is going wrong for Nike. I mean the problem here is the pace of change and you're really seeing investors disappointed in how fast the turnaround is happening. So there are really two persistence or points here that we saw from yesterday's results. The first being converse the iconic brand sales are down 30 percent. For a long time the company has relied on sales of its iconic Chuck Taylor sneakers. But unfortunately you know consumers are just not as interested in the sneaker as they were before. The other sore point is greater China sales. So that's down 17 percent. And that's because China like he has really struggled to sell off a lot of excess old inventory and really innovate fast enough to capture the attention of an increasingly picky Chinese consumer. So it's not all bad. You know some other regions are growing. So North America is growing and it's showing some progress in its running category. But it's simply not fast enough to really buy investor confidence. So where does the company and given the challenges particularly when it comes to converse and the Chinese market. Where does Nike go from here. Well really it needs to. It really needs to boost install traffic and sell off that excess inventory and more importantly create products that capture the consumers like Geist. So one on the analyst call CEO Elliot Hill did say that the recovery won't be a straight line. We're acting decisively to accelerate the lagging areas with China at the top of that list. So they know what the problem areas are. And like you said it will focus on tier one cities in China like Beijing and Shanghai. So it's it's moving forward with that change. But it's simply not fast enough. Products take about 18 months to two years to really speed through. So it's going to take a while. One thing that I think is important to mention is that you know like he hasn't given full year guidance for a while now. It's only been given guidance for the following quarter. And one thing that will boy investor confidence is when they start issuing longer term guidance that will give them confidence that you know the recovery is underway.

The man was found dead from a self-inflicted gunshot wound inside of a storage facility in New Hampshire, investigators believe he acted alone.

New Hampshire

Suspect in Brown shooting and MIT professor's killing found dead

European Union leaders decided Friday (December 19) to borrow cash to fund Ukraine's defense against Russia for the next two years rather than use frozen Russian assets, sidestepping divisions over an unprecedented plan to finance Kyiv with Russian sovereign cash.

Brussels

EU agrees $105 bln Ukraine loan, but won't use frozen Russian assets

TikTok’s Chinese owner, ByteDance, signed binding agreements with American investors to allow the U.S. arm of the business to continue operating.

TikTok signs deal to allow app to continue operating in the U.S.

Under a law passed by Congress and signed by President Trump, the Justice Department has until Friday to release its files on the Jeffrey Epstein case. House Democrats released more photos from the estate of the convicted sex offender. Scott MacFarlane reports.

Washington

House Democrats release more Epstein photos ahead of DOJ deadline

The European Commission announced it will delay the signing of the Mercosur trade agreement until the new year after Meloni asked for more time. No date has been set. Backers hope deal won't be further derailed.

Mercosur signature delayed to January after Meloni asked for more time

President Trump on Thursday signed an executive order to reclassify marijuana as a Schedule III drug. CBS News White House reporter Aaron Navarro has more on that and the president's year-end address from Wednesday night.

Trump signs executive order reclassifying marijuana

President Donald Trump laid out what he claims are the reasons that America's economy is thriving in an address to the nation. This comes as Americans remain concerned about high prices.

Trump touts economic record during address to nation

Multiple sources tell CBS News a person of interest has been identified in the mass shooting at Brown University. CBS News' Tom Hanson reports.

Providence

Person of interest identified in deadly Brown University shooting

Brazil’s Senate passed a bill that could drastically reduce former President Jair Bolsonaro’s 27-year prison sentence for plotting a coup, potentially cutting his time behind bars to just over two years.

Rio de Janeiro

Brazil Congress passes bill to cut Bolsonaro prison term

EU leaders are split in Brussels over using frozen Russian assets to fund Ukraine. Poland backs urgent action, while Belgium resists over legal and financial risks. Ukraine is pressing for a decision by year’s end.

Ukraine Invasion

EU leaders urge swift decision on frozen Russian funds for Ukraine

The U.S. military said Wednesday that it attacked a boat accused of smuggling drugs in the eastern Pacific Ocean, killing four people on the same day the House rejected efforts to limit President Donald Trump’s power to use military force against drug cartels.

New U.S. strike on alleged drug boat kills four

The U.S. Justice Department said late on Wednesday (December 17) the federal government was liable in the fatal January 29 collision of an Army Black Hawk helicopter and American Airlines regional jet that killed 67 people near Reagan Washington National Airport.

U.S. admits liability in fatal Black Hawk-American Airlines crash

Nick Reiner made his first court appearance after being charged with two counts of first-degree murder in the killing of his parents, Rob Reiner and Michele Singer Reiner.

Los Angeles

Nick Reiner appears in court on murder charges in killing of parents

The United States on Wednesday (December 17) approved $11.1 billion in arms sales to Taiwan, marking the largest ever U.S. weapons package for the island, which is under increasing military pressure from China.

U.S. approves $11.1 billion arms package for Taiwan, largest ever

EU leaders will gather in the coming hours to vote on potentially using nearly 200 billion dollars in frozen Russian assets to support Ukraine. But it's a controversial and risky plan.

EU leaders to vote on Ukraine loan backed by frozen Russian assets

Nick Reiner made his first court appearance on Wednesday since being arrested for the killings of his parents, Rob and Michele.

Nick Reiner makes first court appearance since parents' deaths

Vladimir Putin said Russia would achieve its goals by diplomatic or military means and would seek to expand a “security buffer” zone in Ukraine.

Moscow

Putin warns Russia will extend gains in Ukraine if peace talks fail

Newly-released surveillance video shows Nick Reiner at a gas station convenience store just hours after he allegedly fatally stabbed his parents, Rob and Michele Reiner, and minutes before he was taken into custody.

New surveillance video shows Nick Reiner before his arrest

U.S. President Donald Trump announced on social media a "total and complete blockade of all sanctioned oil tankers" going in and out of Venezuela. Some details remain unclear, including when the order would be implemented and how many tankers could be involved.

Caracas

Trump orders blockade on Venezuela oil tankers

A man who allegedly opened fire on a Hanukkah celebration at Sydney's famed Bondi Beach has been charged with 59 offences, including murder and terrorism, New South Wales Police said.

Council of the City of Sydney

Accused Bondi Beach gunman formally charged with 59 offences

The Trump administration has issued a full travel ban on five more countries as well as people traveling on documents issued by the Palestinian Authority. It also imposed new limits on 15 other countries.

Trump expands travel ban, restrictions to include 20 new countries

Australia mourns victims of the Bondi Beach shooting – As police prepare charges against the surviving gunman.

Bondi Beach shooting: Funerals begin as investigation continues

Four days into the manhunt, law enforcement officials in Providence, Rhode Island, are still unable to publicly identify a suspect, despite a $50,000 reward and pleas for help.

Police release new images of person of interest in Brown shooting

Nick Reiner will be charged with two counts of first-degree murder with special circumstances for the killings of his parents, Rob Reiner and his wife Michele Singer Reiner, who were found dead in their home over the weekend, Los Angeles County District Attorney Nathan Hochman said.

Rob Reiner's son to be charged with first degree murder of parents

U.S. military actions in international waters near Venezuela are under scrutiny following a September 2nd strike on a boat the U.S. claimed was transporting drugs, though no evidence has been provided.

U.S. bombings in international waters face scrutiny over Venezuela

The U.S. military says it has conducted another series of deadly strikes on three alleged drug boats in the Eastern Pacific, killing eight people. CBS News congressional correspondent Nikole Killion reports on that and more from Capitol Hill.

U.S. hits three more alleged drug boats in the Pacific, killing eight

U.S. President Donald Trump has followed through on his threat to sue the BBC over a misleading video edit of a speech he made on January 6, 2021, and filed a lawsuit against the media corporation on December 15. He will be seeking 10 billion dollars in damages.

London

Trump sues BBC over misleading video editing of speech

Ukrainian President Volodymyr Zelenskyy says a proposal to end his country's nearly four-year war with Russia are "very workable" and could be finalized within days, but he warns key issues remain.

Kyiv

Zelenskyy says 'workable' peace plan could be presented to Russia soon

On December 16, the Paris labour court ruled on the long-running dispute between Kylian Mbappé and his former club, PSG. It ordered PSG to pay over 60 million euros to the player in unpaid wages and bonuses.

Paris

Mbappé to be awarded over 60 million euros by PSG, French court rules

Police say the alleged gunmen who opened fire at a Hanukkah celebration in Sydney's Bondi Beach had traveled to Mindanao in the Philippines last month, as investigators probe ties to extremist networks.

Breakdown