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a quarter of their value in the last year.
The company has banked on the cachet associated with its brand and a diversified portfolio to help it stay on course even as rivals Adidas and Puma have stumbled.
"We recognize the allure of Nike's best of breed status, robust cash flow ... and U.S. share gains, but believe there are meaningful headwinds that will pressure sales, margins and earnings," Sterne Agee analysts said in a May 12 report.
The company's sales declined in its most recent quarter, especially in Europe. Quarterly margins are also under pressure, but the company's selling, general and administrative costs fell nearly 4 percent in its most recent third quarter.
Nike said it hoped to complete most of the layoffs over the coming weeks.
"Our new structure sharpens our consumer focus globally to drive continued growth," CEO and President Mark Parker said in a statement. "The decision to reduce our workforce has been a difficult and challenging one.
Besides layoffs, the company has been adjusting its supply chain to cut costs. In March,
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