New York (AFP) - Nike plans to cut an unknown number of jobs and establish a new base in India, in a bid to accelerate its recovery after another disappointing quarter.

First modification: 02/10/2026 - 11:40

The sporting goods giant unveiled the plan as it reported a drop in quarterly profits due to declining sales.

Nike "must make changes to become a more agile, efficient and athlete-focused company," CEO Elliot Hill said in a message to employees.

These changes "will result in job cuts across Nike, and I want to acknowledge that news like this creates uncertainty," added Hill, who promised "transparency" in the process.

Decisions on job cuts will begin in 2027.

The company projected that sales in the current fiscal year would fall by a "high single-digit" percentage, according to an earnings release.

"We're building Nike for the long term," Hill said during a conference call.

The company reported a 2% drop in its quarterly profits, which stood at $712 million. Revenue fell 4% to $11.2 billion for the quarter ended Aug. 31, the first of Nike's fiscal 2027 year.

With the exception of North America, where revenue grew 2%, Nike saw declines in all other regions.

Nike plans to build a new base in Bengaluru, India, which will represent "a long-term investment in new capabilities and talent to strengthen the way we serve athletes around the world, including India," Hill said in the message.

© 2026 AFP

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