Nike’s shares are rising sharply after saying it plans to shift some of its production away from China.

NEW YORK Nike lost $790 million in the fourth quarter, as soaring digital sales couldn't make up for the loss of revenue from shuttered stores in most of the world. The world's largest sports apparel maker said Thursday that its revenue fell 38% to $6.31 billion in the three-month period ending May 31. Sales fell 46% in both North America and Europe but just 3% in China as stores reopened there. Nike said digital sales rose 75% in the fourth quarter and accounted for 30% of total revenue. Friend said Nike expects digital sales to account for 50% of its revenue in the near future.