Nike announced on Thursday evening that it will cut 1,400 jobs worldwide — just under 2% of its total headcount — mostly in technology roles within the global operations team. The cuts are the latest instalment of the "Win Now" turnaround plan under CEO Elliott Hill, who returned in late 2024 to the top of a group that has been losing ground across its main markets. Hundreds of posts were cut last summer and another 775 at distribution centres in January, on the back of automation.
Context is heavy. Net profit for the quarter ended February fell 35% year-on-year to $520 million; revenue stood at $11.2 billion, flat. Nike warned current-quarter sales will drop 2% to 4%, citing geopolitics; in China — its third-largest market behind North America and EMEA — the decline should reach 20%. Persistent promotions to clear excess inventory in Europe and the Middle East continue to compress margins.
The shares reflect the picture. Nike is down about 30% year-to-date and fell nearly 2% on Thursday alone. Longer-term guidance is due this autumn. "Win Now" aims to simplify the organisation, modernise industrial tools, and tighten integration of the supply chain. For now, the market is waiting to see whether the cuts finally land. Source: Les Echos, 24 April 2026, Hayat Gazzane.