New York (AFP) - Nike intends to cut an unspecified number of jobs and build a new complex in India, as it seeks to accelerate the recovery process after another disappointing quarter.
Published on: 02/10/2026 - 08:40
“Nike must make changes to become a more agile, efficient and athlete-focused company,” CEO Elliott Hill said in a letter to employees.
He added, "These changes will lead to a reduction in the number of jobs, and I would like to acknowledge that such news raises concerns about the future," and promised "transparency" as the plans become clear.
He continued, "Decisions regarding affected jobs will begin in 2027 and beyond."
The giant sportswear company revealed this plan in conjunction with its announcement of a slight decline in its quarterly profits as a result of a decline in its sales.
According to its results statement, the company expected its sales to decline during the current fiscal year by a “high single-digit” rate (less than 10%).
It announced a decrease in its quarterly profits by 2%, reaching $712 million. Revenue also decreased by 4% to $11.2 billion for the quarter ending August 31, which is the first quarter of the company's 2027 fiscal year.
Nike's revenues declined in every region except North America, where its revenues grew by 2%.
The company saw a sharp decline in its sales in Greater China, a region suffering from a major economic recession. Its revenues in that region declined by 22%, reaching $1.2 billion.
© 2026 AFP
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