NIKE, Inc. (NKE) Has To Do More Layoffs, Says Jim Cramer

We recently published 10 Stocks Jim Cramer Discussed As He Revealed How Canada Has Harmed The US. NIKE, Inc. (NYSE:NKE) is one of the stocks Jim Cramer recently discussed.

NIKE, Inc. (NYSE:NKE) is an athletic apparel and footwear retailer currently in the midst of a long-drawn turnaround effort. The firm’s shares have gained 6% year-to-date, primarily on the back of a 28% gain that started in late June. NIKE, Inc. (NYSE:NKE)’s shares soared after the firm’s fiscal Q4 earnings report saw it report $0.14 in EPS and $11.10 billion in revenue to beat analyst estimates of $0.13 and $10.72 billion. Cramer’s previous comments about NIKE, Inc. (NYSE:NKE) have discussed the turnaround and speculated that the firm would have to cut prices. This time, he stressed that the firm needs another layoff to streamline operations:

“I know. I was expecting, I was thinking that Nike would have another layoff. I think that they’re still too bloated. . . ..I think that the Footlocker buy by Dick’s is an acknowledgement that Footlocker’s getting the right Nikes. I think, but I think they needed another cut. I think they have too many people. That’s out there. I just think it’s still a little too early. I think that industry clustered around Nike, and that Nike no longer seems to have that athletic edge that they once had.”

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Disclosure: None. This article is originally published at Insider Monkey.