Nike Plans More Job Cuts to Boost Sputtering Turnaround, Forecasts Steep Revenue Drop
Nike is deepening its restructuring under CEO Elliott Hill as its woes in China intensify, announcing a plan to cut more jobs and shake up its global business divisions after the sportswear giant projected a surprisingly steep drop in full-year revenue. The tepid forecast on Thursday underscored that Nike's challenges will likely persist for at least several more quarters — especially in China, where sales tumbled 26% on a constant-currency basis in the first quarter — adding to investor unease about the pace of Hill's turnaround. Its shares fell 8.5% in extended trading.
