Nike shares drop as retailer posts disappointing sales, announces layoffs as part of restructuring

Nike released mixed results for its fiscal first quarter on Thursday, with the company posting net income of $712 million, a 2% decline from $727 million in the prior year period. Revenue decreased 4% to $11.21 billion, falling short of expectations as the company faced significant headwinds in key markets.
The performance business recorded its largest decline in the Greater China region, where Nike brand revenues dropped 26%. Chief Executive Elliott Hill acknowledged the urgency of addressing