Nike is deepening its restructuring under CEO Elliott Hill as its woes in China intensify, announcing a plan to cut more jobs and shake up its global business divisions after the sportswear giant projected a surprisingly steep drop in full-year revenue. The tepid forecast on Thursday (Oct 1) underscored that Nike's challenges will likely persist for at least several more quarters — especially in China, where sales tumbled 26 per cent on a constant-currency basis in the first quarter — adding to investor unease about the pace of Hill's turnaround. Its shares fell 8.5 per cent in extended trading.
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