Nike Falls Most in More Than a Year on Weaker Sales, Job Cuts

Shares of Nike Inc. tumbled Friday, dragging down sportswear retailers and rival brands, after the sneaker maker said it will slash jobs and streamline operations in response to weaker sales.

Nike said it’s looking for as much as $2 billion in cost savings by dismissing workers and simplifying the sneaker company’s product lineup amid a weaker sales outlook in China and around the world.

Nike’s shares fell as much as 12% as of 9:36 a.m., the most since September 2022, in New York trading Friday, following analyst downgrades. Dick’s Sporting Goods Inc. and Lululemon Athleta Inc. also dropped. In Frankfurt ...