[Nike logo signage. Photo credit to Unslpash]

Nike cut 1,400 global technology jobs on April 23, 2026, intensifying CEO Elliott Hill's Win Now turnaround strategy as competitors Hoka, On Running, and New Balance press deeper into the U.S. running market.

The Beaverton-based company eliminated nearly 2% of its global workforce, focusing on the Global Operations technology division across North America, Asia, and Europe.

Hill framed the cuts as part of his Win Now turnaround strategy, centralizing technology operations in Beaverton, Oregon, and the Nike India Technology Center.

Prior cuts of 775 roles in January 2026 and more than 1,600 in 2024 underscore the sustained pressure on Nike's cost base.

Nike's stock closed at $44.78 on Thursday, April 23, 2026, down 1.97% and roughly 70% below its 2021 peak, marking the company's weakest close in nearly six years.

Nike reported fiscal 2026 third-quarter revenue of $11.3 billion on March 31, 2026, essentially flat year-over-year, with running as the only footwear category posting growth.

Sportswear declined by low double-digit percentages, and digital sales fell 9% after extensive promotional markdowns aimed at clearing excess inventory.

China revenue slipped 11% during the third quarter, and executives forecast a further 20% drop in the fourth quarter as Anta and Li-Ning strengthened their domestic lead.

Nike guided to a 2% to 4% sales decline for the current quarter ending May 2026, extending a multi-year downturn across its wholesale and direct-to-consumer channels.

Inventory reached $7.5 billion at quarter-end, putting pressure on gross margins as Nike cleared excess product through outlet stores and wholesale partners.

 Each weakness - flat sportswear, swollen inventory, sliding digital sales, and shrinking China demand - translated directly into open ground for smaller running specialists chasing premium shelf space. 

Competitors capitalized on Nike's 2020-to-2022 pullback from wholesale retailers such as Foot Locker and Dick's Sporting Goods, a pivot that opened shelf space for rising brands.

Deckers Outdoor's Hoka, Swiss-listed On Running, and Boston-based New Balance filled those shelves, building a running-footwear foothold that Hill now targets as central to Nike's recovery plan.

Adidas also outpaced Nike on stock and product momentum over the same period.

Three consecutive quarters of softness across Nike's largest categories pressure gross margins through fiscal 2027 and narrow Hill's runway to fund the running pivot.

Hill, who returned to the chief executive role in October 2024 after a brief retirement, admitted on the earnings call that the turnaround had taken longer than he preferred.

Talent loss compounded the squeeze on April 22, 2026, when Lululemon Athletica named longtime Nike leader Heidi O'Neill as its next permanent CEO.

O'Neill spent more than 25 years at Nike, most recently as President of Consumer, Product and Brand, before transitioning to the Lululemon role on September 8, 2026.

Losing a senior product executive to a rival mid-turnaround widens the talent gap Win Now must close, even as Hoka and On Running keep pulling at Nike's market share.

An internal memo described the April restructuring as a push toward manufacturing modernization and supply-chain automation.

Nike shares showed a modest rebound, ticking up roughly 0.5% in after-hours trade following the layoff memo from the Thursday close.

Analysts expect tangible results from the Win Now plan by late 2026, a timeline that hinges on fresh running-shoe launches and repaired wholesale ties.

Hill's strategy refocuses Nike on core sports such as running and soccer, accelerates product cycles, and rebuilds partnerships with retailers the company once bypassed.