Nike prepares layoffs of 1% of entire corporate staff in efforts to "refocus the business".
CEO Elliott Hill wants to get the company "back into growth", and apparently the way to do that is to fire 1% of the staff, or about 800 employees.
Nike
NKE
NYSE
IPO1980
about NKE
Nike is the world's leading designer, marketer, and distributor of athletic footwear, apparel, equipment, and accessories across diverse sports categories, primarily sold through a global wholesale network and a growing direct-to-consumer digital and retail channel (including the Jordan and Converse brands).
| type | open | high | low |
market cap |
volume |
|---|---|---|---|---|---|
| stock | $54.34 | $54.87 | $53.74 | $79.9B | 14.38M |
| eps |
price to earnings |
price to sales |
operating margin |
profit margin |
yield |
| +$0.54 | n/a | n/a | 8.04% | 6.37% | 0% |
Greatest headline for this clown market ...
"Nike stock surges as company forecasts smaller sales, profit drops while tariff costs near $1 billion"
https://finance.yahoo.com/news/nike-stock-s...
I guess things aren't _as bad_ as expected, and so the stock can rally a bit after some dreadful performance during the worst of the tariff talks.