Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Nike    NKE

NIKE (NKE)

Delayed Quote. Delayed  - 06/23 10:01:49 pm
52.85 USD   +0.86%
05:09p NIKE+ : SNKRS Augments the Sneaker Drop
06/21DJNIKE : to Sell Product Directly to Amazon -- 2nd Update
06/21 NIKE : NikeLab x Pigalle Gets Futuristic Fly
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Nike : to Cut Jobs as It Combats Sneaker Slump -- Update

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/15/2017 | 05:30pm CEST
By Sara Germano 

Nike Inc. is cutting more than 1,000 global jobs as part of a restructuring to help the sneaker giant battle slowing sales.

The company said Thursday that the layoffs would affect 2% of its global workforce. The Beaverton, Ore., company employed more than 70,000 around the world as of last May, including retail staff.

Nike said the changes were part of a strategy to focus on key markets, digital sales and fewer products. In recent quarters, the company has reported slowing future orders for its products in its North America market.

"We're getting even more aggressive in the digital marketplace, targeting key markets and delivering product faster than ever," Chief Executive Mark Parker said.

Nike was forced to slash 1,750 jobs, including 500 at its Oregon headquarters, during the 2009 recession. Since then, its global workforce has more than doubled, not including its increased reliance on contract workers, particularly at corporate headquarters. Construction is under way to expand its Beaverton campus, which currently houses more than 10,000 people.

But a shift to online shopping and the demise of traditional sporting goods chains such as Sports Authority has pinched the company and U.S. rival Under Armour Inc. Nike is also being challenged by Adidas AG, which has recaptured some of the market share it lost in past years.

In March, Nike gave a tepid outlook for sales growth this year, citing competition in the U.S. market and a more promotional retail environment. Overall, athletic footwear retail sales have fallen about 1% to $5.4 billion this year through April, according to NPD Group. Nike is expected to report its latest results on June 29.

Sales declines have hurt the lucrative basketball-shoe category, which is dominated by Nike. Nike reduced the price for LeBron James's signature shoes over several years from more than $200 a pair to between $140 and $170. The company also introduced custom kicks for Paul George and Kyrie Irving at more moderate price points, between $100-$140.

As part of its restructuring, Nike said it would reduce its geographic divisions from six to four: North America; Europe, the Middle East and Africa; Greater China; and Asia Pacific and Latin America. The company also said it would reduce its styles by 25% to focus on its biggest franchises and help speed product introductions.

Write to Sara Germano at [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on NIKE
05:09p NIKE+ : SNKRS Augments the Sneaker Drop
06/21DJNIKE : to Sell Product Directly to Amazon -- 2nd Update
06/21 NIKE : NikeLab x Pigalle Gets Futuristic Fly
06/21 NIKE : Canadian Hockey Star Jordan Nolan Inspires New Nike N7 Collection
06/20 NIKE : John Elliott on His Debut NikeLab Collaboration
06/20 NIKE : Paul Rodriguez Unveils his 10th Nike SB Signature Shoe
06/17 NIKE : to slash 1,400 jobs, cut sneaker styles in shakeup
06/16 NIKE : Love of the Game
06/16 NIKE : announces restructuring, loss of 1,400 jobs
06/16 NIKE : Today's Research Reports on Stocks to Watch: Nike and Mattel Inc.
More news
Sector news : Sports & Outdoor Footwear
06/22DJToday's Top Supply Chain and Logistics News From WSJ
06/08 Adidas optimistic new shoe models will drive U.S. recovery
05/14DJYour Shoes Will Be Printed Shortly
05/11 ADIDAS : CEO rejects shareholder calls to sell Reebok
05/10DJADIDAS : Sells TaylorMade and Other Golf Brands to KPS for $425 Million -- Updat..
More sector news : Sports & Outdoor Footwear
News from SeekingAlpha
01:09p One Of The Most Anticipated Days In Retail
07:37a The Market Is Fighting Back Amazon - Cramer's Mad Money (6/22/17)
06/22 "Drastic" changes could mean leaner times for Nike, Canaccord says
06/21 FOOT LOCKER : The Wake Doesn't Drive The Boat
06/21 Buying Dividend Growth Stocks Without Looking - More Than 2 Years Later
Advertisement
Financials ($)
Sales 2017 34 294 M
EBIT 2017 4 626 M
Net income 2017 4 054 M
Finance 2017 2 633 M
Yield 2017 1,36%
P/E ratio 2017 21,80
P/E ratio 2018 20,89
EV / Sales 2017 2,45x
EV / Sales 2018 2,32x
Capitalization 86 695 M
More Financials
Chart NIKE
Duration : Period :
Nike Technical Analysis Chart | NKE | US6541061031 | 4-Traders
Full-screen chart
Technical analysis trends NIKE
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 36
Average target price 62,2 $
Spread / Average Target 19%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Mark G. Parker Chairman, President & Chief Executive Officer
Eric D. Sprunk Chief Operating Officer
Andrew Campion Chief Financial Officer & Executive Vice President
Philip Hampson Knight Chairman-Emeritus
Alan B. Graf Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
NIKE3.09%86 695
KINGNET NETWORK CO LTD--.--%3 606
FENG TAY ENTERPRISES C..--.--%2 769
HWASEUNG ENTERPRISE CO..--.--%427
FULGENT SUN INTERNATIO..--.--%364
CHINA HONGXING SPORTS ..0.00%253
More Results