WASHINGTON COUNTY (dpa-AFX) - While reporting first-quarter financial results, NIKE, Inc. (NKE) introduced Pace, an operating model transformation to scale the success of the Sport Offense.
The program includes efforts to modernize NIKE's global supply chain, the establishment of a new campus in India to fuel its enterprise capabilities, a realignment to three geographies, and further streamlining of the organization to reduce costs.
The company expects its Pace program to generate about $2.5 billion in total savings through fiscal 2031. It expects to incur around $1 billion in pre-tax charges during the same period, mainly related to employee costs. This is in addition to about $0.3 billion in severance costs recorded in fiscal 2026.
NIKE expects to recognize another $0.3 billion in charges in fiscal 2027.
During the after hours, NKE was trading at $33.79, down 3.84 percent on the NYSE.
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