[Budlight is...uh] Nike is cutting about 1,700 jobs

[Leroy N. Soetoro]

Nike will lay off about 2% of its employees, or close to 1,700 people, as
the sportswear behemoth looks to cut as much as $2 billion in costs.

“The actions that we’re taking put us in the position to right-size our
organization to get after our biggest growth opportunities,” a Nike (NKE)
spokesperson said in a statement Friday. “While these changes will impact
approximately 2% of our total workforce, we are grateful for the
contributions made by all Nike teammates.”

According to its latest annual report, the company employed around 83,700
people worldwide as of May 31, 2023.

In December, Nike slashed its revenue forecast and announced cost cuts
amid growing concerns that consumers around the world are slowing their
spending. The company said it was looking for up to $2 billion in savings
over the next three years.

Customers are changing their behavior, passing up discretionary purchases
of goods — like expensive sneakers and athletic wear — for basics and
experiences such as concerts and travel.

Nike is also facing tough competition from upstart brands like Hoka and On
Cloud.

When presenting the company’s latest financial results in December, Nike
finance chief Matt Friend said its gloomier outlook reflected “indications
of more cautious consumer behavior around the world” and also mentioned
“increased macro headwinds in China and in Europe.”

China, the world’s second-largest economy, is facing huge challenges, from
downbeat consumers to a real estate slump and weaker exports.

Meanwhile, Europe avoided a recession by the slimmest of margins in the
last three months of 2023, with its economy flatlining, official data
confirmed Wednesday. And Germany, the region’s biggest economy, shrank
last year for the first time since the onset of the Covid-19 pandemic.


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We live in a time where intelligent people are being silenced so that
stupid people won't be offended.

Durham Report: The FBI has an integrity problem. It has none.

No collusion - Special Counsel Robert Swan Mueller III, March 2019.
Officially made Nancy Pelosi a two-time impeachment loser.

Thank you for cleaning up the disaster of the 2008-2017 Obama / Biden
fiasco, President Trump.

Under Barack Obama's leadership, the United States of America became the
The World According To Garp. Obama sold out heterosexuals for Hollywood
queer liberal democrat donors.

President Trump boosted the economy, reduced illegal invasions, appointed
dozens of judges and three SCOTUS justices.