Economy / Markets
Nike posts a mixed quarter and launches a cost-cutting reset
Nike reported fiscal first-quarter revenue of $11.2 billion, down 4% from a year earlier, with diluted earnings of $0.48 a share that beat forecasts as gross margin widened to 42.8%. Greater China revenue fell 26%. The company unveiled Pace, a multi-year operating overhaul it expects to deliver about $2.5 billion in savings through fiscal 2031, and warned that fiscal 2027 revenue will fall by a high-single-digit percentage with layoffs beginning in 2027.