164 Nike has issued a cautionary note about a more subdued revenue outlook for the second half of the year and announced plans to reduce costs by $2 billion over the next three years. This announcement led to a decline of over 7% in Nike’s shares during after-hours trading. The renowned athletic apparel company outlined potential areas for cost savings, including simplifying its product range, increasing automation, and optimizing its organizational structure. As part of this restructuring, Nike anticipates incurring a pre-tax charge ranging from $400 million to $450 million, with most of it realized by the end of the current quarter. Nike’s Chief Financial Officer, Matthew Friend, stated that the company is now anticipating a more restrained revenue growth in the latter half of the year. The move reflects Nike’s proactive measures to navigate the evolving market conditions and enhance its operational efficiency in the coming years. You Might Be Interested In Indonesian Finance Minister Calls for Effective Policy Dialogue with Australia Gaps in Green Financial Regulations Across Banks US Justice Department Approves UTC-Raytheon Merger with Divestitures Devon Energy Announces Retirement of Chief Accounting Officer and Successor Appointment US Fintech Coast Raises $92 Million to Enhance Product Development Israel Raises $8 Billion in Bonds to Offset Financial Losses
