Nike unveils plan to cut $2 billion in costs over three years

A customer enters a Nike store along the Magnificent Mile shopping district on December 21, 2022 in Chicago, Illinois.Nike on Thursday unveiled plans to cut costs by about $2 billion over the next three years as it lowered its sales outlook.The stock fell about 10% after hours. Nike shares were up 4.7% so far this year through Thursday's close, lagging far behind the S&P 500's gains for the year. Retailer Foot Locker, which has leaned heavily on Nike products, fell 4% after hours.Nike now expects full-year ...