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00:02Nike reported mixed fiscal first quarter results and announced a restructuring plan that will
00:06result in layoffs beginning next year, according to CNBC.
00:10The sports retailer reported fiscal first quarter earnings of $0.48 per share above
00:14the $0.43 expected, while revenue of $11.21 billion missed estimates of $11.32 billion.
00:21Revenue fell 4 percent to $11.21 billion, driven largely by continued weakness in China, where
00:27revenue dropped 26 percent.
00:29Nike expects fiscal 2027 revenue to decline by a high single-digit percentage and adjusted
00:34earnings of $1.15 to $1.35 per share.
00:38The company also announced a restructuring plan that will result in layoffs beginning in 2027.
00:44The plan, called PACE, is expected to generate about $2.5 billion in savings through fiscal
00:502031.
00:51CEO Elliot Hill said Nike expects PACE to speed decision-making, improve productivity, and
00:57can create more capacity to invest in athletes, innovation, and its brands.
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