Your Hidden Potential

  • Follow Us!
  • About YHP
  • Advertise
  • Contact us
  • Be Inspired
  • Entrepreneurship
    • Featured stories
    • Key Topics
  • Interviews
    • Education
    • Entertainments & Art
    • Fashion
    • Management
    • Media
    • Mobile
    • Social Enterprise
    • Sports
    • Technology
    • Video Interview
  • Profiles
    • Companies
    • Entrepreneurs
    • Female Entrepreneur
    • Student
    • Young Entrepreneurs
  • Startups
    • Advice
    • Bootstrapped
    • Culture
    • Finance
    • Resources
  • Startup of the Week
  • Submit Your Startup
share this article
Share
Tweet

Sports giant Nike Drops profit aswell

Profiles - Posted: June 29, 2009

The company is undergoing a costly restructuring - cutting costs and 1,750 posts, or 5% of its workforce, in the biggest job reduction in its history.

Shares in Nike dropped 5% to $50.49 after the results were announced.

Nike reported that future orders for athletic footwear and apparel, scheduled to be delivered between June and November 2009, stood at $7.8bn, down 12% from the same period last year.

The Europe, Middle East and Africa division saw the greatest fall - of 24%, and US. future orders fell by 4%.

But the company said it had still seen appetite for its more expensive products. For example, one of its best-selling shoes from the Nike store online sold at $160.

"Even if the worst is behind us, we're taking an approach that's both prudent and opportunistic," Nike president Mark Parker said.

share this article
Share
Tweet
Team at YHP

Added by the content team at YHP. Dedicated to bringing you startup news, stories and advice. Learn and be inspired.

  • Follow Us!
  • About YHP
  • Advertise
  • Contact us

Copyright © 2020 YHP. All rights reserved.