Major athletic retailer Nike’s stock slipped 12% during trading pre-market Friday following news that the company has lowered its full-year sales outlook.
According to Nike, the company now expects 1% revenue growth for the year compared to its previous mid-single-digit estimates.
Nike also revealed plans to cut $2 billion in costs over the next three years.
“As we look ahead to a softer second-half revenue outlook, we remain focused on strong gross margin execution and disciplined cost management,″ said Nike CEO Matthew Friend.
