Nike is warning it can't keep up the pace for the rest of its fiscal year, and investors are spooked. The company's shares are down almost 12% in after-hours trading, after Nike trimmed its annual sales forecast and unveiled a plan to cut $2 billion in costs.
On Thursday, Nike announced that it now projects just 1% in revenue growth for its fiscal year, which ends May 31, 2024. The company previously forecast mid-single-digit percentage growth in sales. Chief financial officer Matthew Friend blamed the drop on “increased macro headwinds particularly in Greater China and EMEA”.
