Nike cuts sales view on choppy demand, outlines €1.8bn savings plan

Nike projected full fiscal-year revenue to be up about 1%, down from its prior forecast of mid-single-digit percentage growth

Nike said it was also launching fresher styles to attract consumers, building on the success of recent releases like the Sabrina 1, LeBron 21 and Tatum 1 basketball shoes.

Nike has trimmed its annual sales forecast blaming cautious consumer spending, a weaker online business and more promotions, and said it plans to cut supplies of key product lines to manage costs, sending its shares down 11%.

The company said it was seeking $2bn (€1.8bn) in savings over the next three years through steps including tightening the supply of some products, improving its supply chain, reducing management layers and increasing the use of automation.