Investors had all but abandoned Nike (NYSE: NKE) stock through most of 2022. Shares dove nearly 40% through late December on fears of a sales slowdown and declining profitability well into 2023.

The footwear and apparel giant eased those concerns in its final earnings report of the year, revealing on Dec. 20 that demand trends accelerated into the start of the holiday shopping season. But that's just one good reason why Nike is an attractive growth stock to consider adding to your portfolio.

Let's dive right in.

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Source Fool.com