Nike Misses Q1 Targets, Announces Restructuring Amid China Slump and Star Exits
Nike reported a mixed fiscal first quarter, missing revenue expectations due to a 26% drop in China sales and weak performance in its sportswear and Jordan brands. The company announced a restructuring plan called 'Pace' that will lead to layoffs starting in 2027 and aims to save $2.5 billion by 2031. CEO Elliott Hill acknowledged the need for urgent action, while the stock fell following the release.