Nike announced plans to cut an undetermined number of jobs and establish a new campus in India as part of a turnaround effort following weaker-than-expected financial results.
The company reported a two percent decline in quarterly profits to $712 million for the quarter ending August 31, the first quarter of Nike's fiscal 2027. Revenues fell four percent to $11.2 billion during the same period.
Looking ahead, Nike projected that sales in the current fiscal year would fall by "high-single digits," according to an earnings statement released by the company.
Chief Executive Elliot Hill discussed the company's strategy during a conference call with investors. Hill emphasized the company's focus on long-term growth and highlighted Nike's relationship with women's basketball star Caitlin Clark as part of its forward-looking initiatives.