Nike unveils plan to cut $2 billion in costs, warns of soft revenue

In this article NKE Follow your favorite stocks CREATE FREE ACCOUNT A customer enters a Nike store along the Magnificent Mile shopping district on December 21, 2022 in Chicago, Illinois. Scott Olson | Getty Images Nike on Thursday unveiled plans to cut costs by about $2 billion over the next three years as it warned about a "softer" revenue outlook for the second half of the year. The sneaker giant plans to simplify its product assortment, increase automation and its use of technology, streamline the overall organization and leverage its scale "to drive greater efficiency," the company said in a news release when announcing fiscal…