Nike flags deeper sales and profit declines for FY 2028 and announces further job cuts
Nike said its fiscal 2028 results will show larger drops in revenue and earnings than previously expected. CEO Elliott Hill, who returned in October 2024, announced another round of layoffs and said most cost‑saving benefits will not appear until fiscal 2029‑2030. The company highlighted continued weakness in China, its sportswear line and the Jordan brand, which together represent over half of sales. Shares fell about 10% in pre‑market trading, reaching a 12‑year low.
Why it matters
The lower guidance suggests weaker top‑line and bottom‑line performance through May 2028, which may pressure investors and could delay any upside from the cost‑cutting program until fiscal 2029‑2030, as noted by the company.
Key facts
- 1Nike forecast larger declines in revenue and earnings for the fiscal year ending in May 2028. marketscreener.com
- 2Most savings from the restructuring are expected to be realized in fiscal 2029 and 2030. marketscreener.com
- 3The company announced another round of job cuts. marketscreener.com
- 4Sportswear, China and the Jordan brand together account for more than half of total sales. marketscreener.com
- 5Shares were down about 10% in pre‑market trading, trading around $31.58, the lowest level in 12 years. marketscreener.com
- 6Nike’s market value and earnings have more than halved since Hill’s return in October 2024. marketscreener.com
Summary written by AlphAI from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.