Nike to cut staff amid sales decline

Nike announced its plans to reduce the number of employees and reorganize its operations in order to achieve greater flexibility and efficiency, amid declining quarterly sales and profits. The plans include establishing a new campus in India and expanding its operations by restructuring its geographic regions into three main divisions, with expected savings of up to $2.5 billion by 2031. In the first quarter of fiscal year 2027, the company reported a 2% decrease in profits to $712 million, and a 4% decline in revenues to $11.2 billion, with a record drop in sales in Greater China by 22%. The company anticipates that the implementation of the new structure will begin in 2028, which will include reducing its inventory by 3% to $7.8 billion, focusing on improving operations and cutting costs to face economic challenges.

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