Nike slides on weak full-year revenue forecast, Q1 sales miss
NKE•Nike forecast fiscal 2027 revenue to decline in the high single digits and reported first-quarter sales below Wall Street estimates as sales slumped in China. Its restructuring plan aims to save about $2.5 billion through fiscal 2031, with job cuts set to begin in 2027.
1. Forecast and restructuring
Nike shares fell 8.5% in premarket trading after the company forecast a high-single-digit decline in fiscal 2027 revenue, compared with Wall Street expectations for a 2% decline, and reported first-quarter sales below estimates. The company also plans job cuts, which are set to begin in 2027, as part of a restructuring plan aiming to deliver about $2.5 billion in savings through fiscal 2031; it did not specify how many roles will be cut.
