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.

Nike has warned that tariffs introduced by President Donald Trump could raise its costs by $1 billion this year.