Layoffs are planned to begin in 2027. “This work will result in a reduction in the number of jobs at Nike,” Hill wrote in a message to employees. The company's fiscal 2027 adjusted earnings forecast excludes about 15 cents a share in restructuring costs tied to the program, called Pace.
The changes follow fiscal first-quarter revenue of $11.21 billion, down 4% from a year earlier and below Wall Street estimates. Nike forecasts a high single digit percentage decline in fiscal 2027 sales and adjusted earnings of $1.15 to $1.35 a share, below the $1.65 estimate. Greater China revenue fell 22%, while Jordan, which accounted for 13% of global business, posted a revenue decline in the mid teens.