Nike ($NKE@US) beat earnings and revenue estimates for its holiday quarter in the U.S., although sales in China fell short of expectations. Earnings per share were 79 cents versus the 55 cents expected, and revenue was $12.39 billion versus the $11.47 billion expected. Gross margin fell by 3.3 percent as the athletic apparel company used markdowns and promotions to shed excess inventory. Sales increased to $12.39 billion from $10.87 billion a year earlier. Sales in China, Nike’s third largest market by revenue, have not rebounded to pre-pandemic levels despite the country opening up its zero-Covid policy. Sales fell 8 percent during Nike’s fiscal third quarter to $1.99 billion compared to $2.09 billion in the previous period.