Nike plans $2bn cost savings as it posts soft sales outlook
Nike has outlined plans to make $2bn (£1.6bn) in cost savings over the next three years as demand slows and it looks ahead to a “softer” second-half sales outlook.
The sportswear giant posted revenue of $13.4bn (£10.6bn) for the second quarter to November 30, 2023, up 1% on a reported basis and down 1% on a currency-neutral basis year on year.
Nike’s direct sales were up 6% to reach $5.7bn (£4.5bn), while brand digital sales increased by 4% for the quarter.
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