Nike to cut jobs as part of $2 billion cost-cutting program

A £45 pair of Nike children's trainers have been criticized as 'unnecessary'

Although sales in China rose, the rise was offset by a decline in USA and Europe, Nike said.

Matthew Friend, chief financial officer, said: “Nike's second-quarter financial performance marked a turning point in delivering more profitable growth.”

“As we expect softer earnings guidance for the second half of the year, we remain focused on strong gross margins and disciplined cost management.»

News that Nike plans to simplify the range of products it sells comes after the company was criticized for creating £45 pairs of children's trainers whose launch was met with ridicule on social media from users calling them «unnecessary».

The company is also battling rival Adidas to create so-called “super shoes,” which are ultra-lightweight and reportedly save athletes' energy.

Introducing the shoes into professional sports and athletics sparked controversy over whether rapid product development had invalidated world records.

Nike has been approached for further comment.