Nike's next earnings call due around March 20th.
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@gp so basically the only insight anon has is publicly known info and he won't share anything else out of "good faith" lol
It is in the statement, anon is correct.
https://s1.q4cdn.com/806093406/files/doc_financials/2024/q2/FY24-Q2-Combined-NIKE-Press-Release-Schedules-FINAL.pdf
The Company is identifying opportunities to deliver up to $2 billion in cumulative cost savings over
the next three years. Areas of potential savings include simplifying our product assortment,
increasing automation and use of technology, streamlining our organization, and leveraging our
scale to drive greater efficiency.
@dj quality from GT bro stfu.
@dn so your saying the 2023 plans contained details for 2024 and 2025? and they didn't realize saving in full yet?
there was not a single deck or workstream regarding Bain work
new consumer org (next%)
supporting functions simplification (next%)
tech modernization
tech org model redesign
couple more I will keep to myself in good faith as they are not public info or announced yet.. or maybe on hold or eliminated with the transformation org.
all had their individual decks and estimations which roll up to the 2 billion cost savings nike announced to the street
@af it’s costs a fraction to hire someone from India to do the same job as someone from the US. Companies don’t care about the quality of work anymore just as long as it gets done.
@cz I had access to the Bain work too. That was for more than GT and only for that year. This doesn't line up with the future waves.
@db HR sockpuppet spotted
Y’all afraid of layoffs cuz you know your skills and attitudes would be unemployable elsewhere right?!!
Not really, I was placed into DH's useless transformation org before I was laid off last year. The whole ITC tech operating model was signed off by JD. The work was done by Bain back in 2022 before MD was brought in. She was hired with a mandate to gut GT, not to fix tech. That is why she never moved to PDX because it was a time bound gig.
I was grade 50 and we had access to the Bain work.
This isnt EH or VA or has anything to do with the new org design and win now, they are lying.
we all know these layoffs are every year, usually in May now, since somehow they don't do them as an early holiday gift anymore.
gotta trim the phk staff to make way for all those itc roles, this is what happens when your vp's and c-suite leaders are from India, they say cost savings, they know it's not a savings, yet they do it out of loyalty to their country and they know American's are too caught up with 'inclusiveness' to not let this happen, somehow this is justified in their mind, it is disrespectful and ridiculous that a US based company has no regard for the US economy and it's workers
why doesn't the ceo stand up and just say, we're all in on america, nike sales would crush it, other companies would follow, wow, it's just that simple, and the irony is, suddenly CN would take notice and start buying nike's again too
Nike has lost touch with what consumers want. They should go back to the basics and start making products people actually like again. Even my wife and friends say Nike’s products aren’t good anymore.
The only titles who would know with certainty at this point are the EVPs, VP and a few HR leaders and the toddlers from Mckinseys. So why should we believe you OP unless you are a fear monger?
@ab i would happily accept that it's the company doing fiscal responsibility if we didn't go all in on a new ITC office with dozens of ITC engineering roles still open alongside recent new distinguished / principal level hires and layers upon layers of managerial bloat -- yet we want to cut IC's to be "fiscally responsible"
@a8 the whole company bloated and over hired. What else will they do? Can’t sell enough shoes to dig out so need to scale back. Can’t have the people of a $100B company while making $50B. I hate it too for my job but it is common sense here business wise.
This is so messed up. Not even a year to breathe. What a bunch of mo--ns to think that the solution is always to lay people off.
Any idea what orgs, roles, grade levels?
Speculation or confirmed source?
March lines up with when it happens every year. There's team meetings and AMAs happening mid Feb, so that would be the time to announce it.
I believe it’s late February or early March. It’s probably why they started the DC ones this week. Get those packages in this fiscal year. That’s what most companies try to do.