By Denny Jacob

Shares of shoemakers and sportswear retailers rallied Wednesday, a day after Nike Inc. raised its revenue outlook and said its inventory challenges are abating.

Signs point to the sneaker giant's discounts to clear out excess merchandise being successful. Chief Executive John Donahoe said on a second-quarter earnings call that the company believes its inventory peak is behind it.

Foot Locker Inc. led Wednesday's rally with a gain of 7.1% to $35.15, followed by Caleres Inc. rising 7.1% to $20.96.

Under Armour Inc. moved up 5.2% to $9.90 while Shoe Carnival Inc. advanced 5.9% to $23.50. Skechers USA Inc. jumped 5.1% to $42.46, Crocs Inc. ticked up 4.6% to $98.81 and Boot Barn Holdings Inc. edged up 4.7% to $59.32.

Wolverine World Wide Inc. climbed 3.4% to $10.13, Lululemon Athletica Inc. rose 3.8% to $318.91 and Deckers Outdoor Corp. moved up 4.1% to $377.97.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

December 21, 2022 13:09 ET (18:09 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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