Nike Cuts 2% Of Global Workforce As Demand Weakens
Date
2/16/2024 10:09:59 AM
(MENAFN- Baystreet)
Gentherm Dips Despite Award
These
Stocks Are Moving Nearly 20% Today
Post-Earnings Trades Today: Draft Kings, Coinbase, and Deere
Friday's Must-Read: Bezos Sells $6 Billion and More
Friday Warning: Twilio, Fastly, and Barrick Previous Articles Subscribe to Get Small Cap News & Alerts
Baystreet Staf - Friday, February 16, 2024
Nike Cuts 2% Of Global Workforce As Demand Weakens
Sneaker and athletic wear giant Nike (NKE) has announced plans to cut 2% of its global workforce, or more than 1,600 jobs, to lower expenses amid weak demand.
Nike previously warned that retailers are lowering their orders for its sneakers and athletic apparel through wholesale channels, and that it continues to be impacted by the economic slowdown in China, its second largest sales market.
Nike has also lost ground to upstart brands such as Decker Outdoors' (DECK) Hoka running shoes.
Last December, Nike announced a $2 billion U.S. cost savings plan over the next three years as it reported disappointing earnings.
The cost cuts include reducing management positions and about $450 million U.S. in employee severance costs.
Nike had 83,700 employees last summer.
Nike's stock has declined 15% over the past 12 months to trade at $106.05 U.S. per share.
About Us Contact Us Advertise License Our Content Jobs Disclaimer Privacy Policy
Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks
MENAFN16022024000212011056ID1107861671
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.