Nike is planning on eliminating 700 jobs at its Oregon headquarters by early January as part of a broader restructuring plan. Previously, the company had estimated that it would be cutting roughly 500 roles.
CEO John Donahoe announced in July that the company would be spending up to $250 million eliminating jobs worldwide as it refocused its business around selling directly to consumers through its digital and online platforms. The company said it had 75,400 employees in May, down nearly 2,000 from a year earlier.
Nike had revenues of $10.6 billion in the first quarter of its 2021 fiscal year, down roughly 1% year-over-year. That included an 82% increase in digital sales during the quarter. Nike shares are up 21.9% this year.