Nike posted a smaller-than-expected drop in second-quarter revenue on Thursday, as the embattled sportswear brand's release of newer versions of performance and running shoes drew customers to its stores and website.

Foot Locker's dismal quarter was a warning sign for Nike and a clue that investors may need to be patient as they wait for the sneaker giant to turn its business around. When Nike

Nike (NKE) topped analysts' estimates with its fiscal second-quarter results, its first since new CEO Elliott Hill took over in October. The athletic apparel maker reported net income of $1.16 billion on revenue of $12.