Nike’s stock drops as plan to cut almost 1,700 jobs highlights need for new strategy

Nike Inc. is cutting nearly 1,700 jobs as part of its plan to rein in costs in order to invest more in innovation and to boost profitability in areas like its women’s business and Jordan and Running brands. The job cuts come two months after the athletic shoe, apparel and accessories giant NKE, -3.10%said during its second-quarter earnings call with analysts that it was targeting $2 billion in cost cuts over the next three years. At the time, Nike said it was looking to streamline its orga