Nike Targets $2 Billion USD in Cost Savings Following Weak Revenue Forecast

Amidst the holiday festivities, NIKE, Inc. reported its fiscal 2024 second quarter results yesterday -- leading to a plunge of over 10% to its stock price today. While second quarter revenues were up 1 percent, totaling $13.4 billion USD, the brand's second-half revenue outlook has been adjusted to reflect lowered expectations.The company made it clear that cost savings are a key area of focus moving forward. Targeting $2 billion USD in cost reductions across the next three years, key points of ...