Nike plummets on weak annual revenue forecast, sales miss
NKE•Nike expects fiscal 2027 revenue to decline by a high-single-digit percentage, compared with expectations for a 2% decline, and missed first-quarter sales estimates amid tepid demand in China. Its shares fell about 6%.
1. Revenue outlook and cuts
Nike forecast a high-single-digit decline in fiscal 2027 revenue and missed first-quarter sales estimates amid tepid demand in China. The company plans job cuts beginning in 2027, with no number of roles specified, and expects its restructuring plan to deliver about $2.5 billion in savings through fiscal 2031.
