{
  "id": 11338320,
  "title": "Nike plans job cuts as it forecasts lower sales",
  "url": "https://urgent.news/2026/10/01/nike-plans-job-cuts-as-it-forecasts-lower-sales",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-01T22:45:00.000Z",
  "source": {
    "name": "Bangkok Post Business",
    "slug": "bangkok-post-business",
    "url": "https://www.bangkokpost.com/business/general/3330125/nike-plans-job-cuts-as-it-forecasts-lower-sales"
  },
  "original_language": "en",
  "account": "Nike announced plans to reduce staff and establish a new campus in India as the company attempts to rebound after a poor quarter. The athletic apparel giant disclosed the decision while releasing a modest decline in quarterly profits due to lower sales. For the current fiscal year, Nike expects sales to drop by a high-single digit percentage, according to their earnings statement.\n\nCEO Elliot Hill emphasized the company's commitment to a long-term transformation during a conference call. Hill highlighted the company's growing partnership with women's basketball star Caitlin Clark as a positive aspect. Despite a 2% decline in quarterly profits to $712 million, Nike recorded revenues of $11.2 billion for the quarter ending August 31, marking the first quarter of fiscal 2027. North America, where revenues grew by 2%, was the only region to experience growth. In contrast, every other region saw declines, with the Greater China market suffering a particularly significant 22% drop, with revenues plummeting to $1.2 billion.\n\nHill cited the need for improvements in sportswear and the Jordan brand as reasons for the company's struggles. The CEO rejoined Nike as the chief executive officer in October 2024, aiming to address issues such as an oversupply of underperforming products and poorly executed direct sales strategy. Hill stated that the company has made progress since his return but acknowledged that deeper changes are necessary following a comprehensive review. Nike needs to become more agile, efficient, and focused on athletes, Hill said in a message to employees. The company plans to implement these shifts, resulting in job cuts across various roles, in calendar year 2027 and beyond. Hill promised transparency as the plans progress.\n\nThe latest results from Nike demonstrate that the brand's appeal is fading and it lacks the power to compete against more nimble competitors, according to Neil Saunders, managing director of GlobalData. Saunders described the company's forecast for further revenue decline as particularly troubling, labeling the outlook as \"shabby.\" Following the news, Nike's shares experienced a 7.1% drop in after-hours trading.",
  "summary": "NEW YORK - Nike plans to cut an undetermined number of jobs and establish a new campus in India as it seeks to accelerate a turnaround following another downcast quarter.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Free Malaysia Today",
        "title": "Nike plans job cuts as it forecasts lower sales",
        "url": "https://urgent.news/2026/10/02/nike-plans-job-cuts-as-it-forecasts-lower-sales",
        "published": "2026-10-02T01:36:15.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}