(Reuters) – Nike beat quarterly profit expectations on Thursday and posted a smaller-than-expected decline in sales as customers flocked to the struggling sportswear brand’s stores and website to buy newly released versions of performance and running shoes.

Shares of Nike rose 11% in extended trading, adding $12 billion to the company’s market value.

As rivals release more comfortable, better-cushioned shoes, Nike is fighting to regain market leadership by spending money to introduce new products like Air Max 95 and promote staple brands like Jordans and Pegasus.

On Thursday’s earnings call, investors will be eager to learn more about new CEO Elliott Hill’s vision for how Nike can rebuild its retail partnerships, spur innovation and focus more on its core running business.

“After an exciting 60 days of being reunited with my Nike teammates, our clear priority is to put sport back at the heart of everything we do,” Hill said.

“We are taking immediate action to reposition our company so that we can once again drive long-term shareholder value,” he added.

Last month, under Hill, the company announced it would double down on its three ongoing franchises — Pegasus, Structure and Vomero — by releasing different iterations of each shoe at different price points next year. The company’s second-quarter net sales fell 7.7% to $12.35 billion. Analysts had expected a decline of 9.41% to $12.13 billion, according to LSEG estimates.

According to analyst estimates compiled by LSEG, Nike reported earnings per share of 78 cents, compared with estimates of 63 cents per share.

(Reporting by Ananya Mariam Rajesh in Bengaluru and Nicholas P. Brown in New York; Editing by David Gregorio and Pooja Desai)