Nike announces $2.5B in cuts after another disappointing quarter
Nike announced $2.5 billion in cost cuts following a disappointing fiscal quarter. Sales reached $11.2 billion, marking a 4% decline from the previous year and falling short of analyst expectations.
The Beaverton-based company reported $11.2 billion in sales in the first quarter of its fiscal year, down 4% from last year and below Wall Street expectations.
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