(CNBC) 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 about 7% after hours.
Nike sinks 10% after it slashes sales outlook, unveils $2 billion in cost cuts
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