Nike’s China Conundrum: 26% Revenue Plunge Sparks Restructuring Fears!
A staggering 26% drop in revenue in China has left Nike reeling, with the company announcing a restructuring plan that will lead to layoffs. Despite a mixed fiscal first quarter, Nike's shares fell 3% in extended trading. The company expects revenues to decline by a high-single digit percentage in fiscal 2027, and revenue in the China market has taken a significant hit. Nike reported net income of $712 million, down 2% from the year prior. As the retail landscape continues to shift, Nike is taking steps to adapt. Don't miss out on the latest business news - subscribe to our channel for more updates.
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