Overview
- Nike reported quarterly revenue fell about 4% to $11.2 billion and net income eased to roughly $712 million, a result the company says reflects weak consumer spending and strategic mix shifts.
- The company announced the multi-year 'Pace' plan to save $2.5 billion through mid-2031 and confirmed job cuts will be part of the measures.
- Nike expects roughly $1 billion of restructuring costs through 2031, most tied to workforce actions, and will incur additional near-term charges including further severance provisions.
- Sales in China plunged about 26%, a principal driver of the slowdown that Nike says the restructuring and a renewed focus on sport and Jordan products aim to fix.
- Shares fell sharply after the announcement and Nike warned fiscal 2026/27 revenue will decline in the high single-digit percentage range while it modernizes supply chains and builds a new India campus.