Nike has reported a slump in sales and profits for its fiscal first quarter as the sportswear giant wrestles with shoppers’ sluggish demand for new sneaker models.

Nike Inc. has named Elliott Hill as its president and CEO effective, replacing John Donahoe, who will retire next month.

Nike’s shares are soaring before the opening bell Friday, as the footwear and clothing company posted record fiscal fourth-quarter sales in North America and gave a better-than-anticipated full-year revenue forecast.

Although slavery was already abolished more than two years earlier by the Emancipation Proclamation, it continued in some areas. Some businesses have professed support for the Black Lives Matter movement or pledged to donate money to organizations. Others have promised to hire more black workers or make other policy changes. This week, Nike CEO John Donahoe told workers they would get Juneteenth off starting this year as a way to celebrate black culture and history. The power of this historical feat in our countrys blemished history is felt each year," Goodell wrote in a memo.

Nike is ending a sales partnership with Amazon less than a month after the athletic gear company named e-commerce veteran John Donahoe as its new CEO. (AP Photo/David Zalubowski, File)Nike is ending a sales partnership with Amazon less than a month after the athletic gear company named an e-commerce veteran as its new chief executive. The company says it wants to create a more direct customer experience, but the announcement Wednesday is a setback for Amazon. Nike announced the pilot program with Amazon in 2017, hoping that it would have more control over the brand if it were more closely involved. Amazon has acknowledged problematic sales of counterfeit goods on the site this year introduced new tools stop them.