Sneaker maker Nike Inc. reported falling sales and profits for its most recent quarter, with management stressing that the company’s turnaround would take time as it deals with weaker demand and prepares to bring aboard a new chief executive.

Nike Inc.’s sales fell short of Wall Street’s expectations, underscoring the challenge that incoming Chief Executive Officer Elliott Hill will face when he takes the reins later this month.

Nike withdrew its annual revenue forecast on Tuesday and missed estimates for quarterly revenue as the sportswear giant battles weak footwear demand amid stiff competition from newer brands globally,