New Delhi, June 30 -- Shares of Nike edged lower on Tuesday as investors awaited the company's fiscal fourth-quarter earnings, looking for clues on whether the sportswear giant's turnaround strategy is beginning to gain traction.

At 1:14 p.m. EDT, Nike stock was trading 0.22% lower, down $0.09 at $41.39. The shares have fallen 34.66% so far this year, reflecting investor concerns over slowing sales, weak demand in key markets and broader economic uncertainty.

The footwear and apparel maker has been working to revive growth under Chief Executive Officer Elliott Hill, who has acknowledged that the company's recovery is likely to be gradual rather than immediate.

Previously, Nike forecast that sales would continue to decline through the r...