New York CNN  —  Nike is in a major slump. The company’s global sales dropped 9% last quarter, including a 17% drop in China, Nike said Thursday. In North America, Nike’s largest market, sales dropped 9%. But the results weren’t as bad as investors feared: Nike’s stock ( NKE ) inched up 4% during after-hours trading Thursday. Still, the company’s stock has dropped around 30% over the last year. The largest shoemaker in the world faces a consumer slowdown and tough competition from upstart