NEW YORK: Nike plans to cut an undetermined number of jobs and establish a new campus in India as it seeks to accelerate a turnaround following another downcast quarter.
The sports giant unveiled the plan as it reported a modest decline in quarterly profits on lower sales.
The company projected sales in the current fiscal year would fall by "high-single digits," according to an earnings statement.
"We're building Nike for the long term," Chief Executive Elliot Hill said during a conference call in which he touted the company's burgeoning relationship with women's basketball star Caitlin Clark.
Nike reported a two per cent drop in quarterly profits to US$712 million. Revenues fell four per cent to US$11.2 billion for the quarter ending August 31, the first quarter of Nike's fiscal 2027.
