Nike plans cost-cutting measures to save up to $2 billion over the next three years, including layoffs and more automation.
The company also slashed its annual sales forecast to only 1%. This sent its own stock price down, along with shares of rivals Adidas, Puma and Lululemon.
The sportswear giant partly blamed slumping online sales, particularly in the key market of Greater China. which includes Hong Kong, Taiwan and Macau. Chief Financial Officer Matt Friend reported store sales in the region grew 16%, though Nike Digital sales fell 22% in the quarter that ended November 30.
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