Dec 21 Reuters Nike on Thursday trimmed its annual sales forecast blaming cautious consumer spending, a weaker online business and more promotions, and said it plans to cut supplies of key product lines to manage costs, sending its shares down 11.

The company said it was seeking 2 billion in savings over the next three years through steps including tightening the supply of some products, improving its supply chain, reducing management layers and increasing the use of automation.

Nike39;s wholesale business has been under persistent pressure as retailers place fewer orders amid choppy demand. The weakness is also showing up in online sales, forcing the company to boost promotions as shoppers dwindle. Sales in China have also slowed as the economy has stumbled.

We are seeing indications of more cautious consumer behavior around the world, Nike39;s finance chief Matthew Friend said on a postearnings call.

Nike projected full fiscalyear revenue to be up about 1, down from its prior forecast of midsingledigit percentage growth. Analysts had expected a 3.8 increase, according to LSEG data.

Nike39;s talking about reducing the number of products … perhaps the company feels there are too many products that are not highmargin and not really generating significant sales, David Swartz, senior equity analyst at Morningstar, said.

But Nike said it was also launching fresher styles to attract consumers, building on the success of recent releases like the Sabrina 1, LeBron 21…