NIKE, Inc. (NKE): restructuring charge — Nike announces $2B cost savings plan and $400-450M restructuring charges

NIKE, Inc.

Enterprise initiative targets up to $2B in cumulative cost savings over three years; includes simplifying product assortment and increasing automation.
Pre-tax restructuring charges of $400M-$450M for employee severance; to be recognized in Q3 FY2024 and substantially completed by end of fiscal 2024.
Fiscal Q2 2024 financial results released on December 21, 2023; specific figures not available in this filing.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.8

NIKE, Inc. reported financial results for fiscal quarter ended November 30, 2023.

Period: fiscal quarter ended November 30, 2023
Result: reported results

Exact text from the filing

Today NIKE, Inc. (the “Company”) issued a press release disclosing financial results for the fiscal quarter ended November 30, 2023.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

NIKE, Inc. announced a restructuring with charges of approximately $400 million to $450 million affecting the organization.

Type: restructuring
Charge: approximately $400 million to $450 million
Affected area: the organization

Exact text from the filing

on December 21, 2023, the Audit and Finance Committee of the Board of Directors of the Company approved steps to streamline the organization, which are expected to result in restructuring charges of approximately $400 million to $450 million, primarily associated with employee severance costs

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Source: SEC EDGAR

accession 0000320187-23-000054

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