Skip to comments.Nike Reports Surprise $790 Million Loss, 46% Plunge In North American Sales
Posted on 06/25/2020 5:21:27 PM PDT by blam
New York (AFP) Sports giant Nike reported a surprise loss Thursday as shutdowns due to COVID-19 prompted a big drop in revenues in spite of higher online sales.
Nike reported a loss of $790 million in the quarter ending May 31, which translated to a loss of 51 cents per share compared with analyst expectations for nine cents per share in profit.
Revenues tumbled 38 percent to $6.3 billion following huge declines in sales in most of the world.
In North America, the companys biggest operating region, revenues plunged 46 percent to $2.2 billion.
A bright spot was online sales, with digital sales increasing 75 percent during the quarter.
The results are among the first by a major company to detail the hit from the coronavirus during the period of peak shutdowns. Nike is on a different fiscal calendar than most other large companies, with its fourth quarter ending May 31.
The second-quarter earnings period, which covers the quarter ending June 30, will begin in mid-July.
(Excerpt) Read more at breitbart.com ...
I'll never wear another item from Nike.
Nike actually cheered when their stores were looted.
Why buy what you can loot !
Got to be a mad crazy surplus if stolen shoes out there.
Rioters hit all the Footlockers. Everybody buying shoes on Ebay.
Brahahahaha. This one gutter ass company. Take your medicine, Nike
Give Bubba Wallace the Colin K deal..that will solve their problems
Get woke, go broke.
“Nike actually cheered when their stores were looted.”
Advertising for their foreign market, to which they gravitated by supporting Cupcake Kaepernik.
Happily, I will never buy Nike; unfortunately, they don’t give an obama.
The current CEO took over in January. He’s doing a swell job.
While I also hope it was due to the support for the American hating mediocre QB, I think we can blame the despotic shutdowns levied on us based on the politicized “science” of the Kung Flu.
good, libtard corporate virtue signalling ought to hurt big time.
I have the Wall Street I.Q. of a hockey puck, so can someone please explain that statement to me?
Gee, I wonder if their subliminal/ or not so subliminal endorsement of this bs going on caused it.
they could being up a whole collection
“The black racist loser lineup”
My heart bleeds for Nike. It really does. :)
Levis put a pair of jeans behind glass and invited the mob to smash it for a free pair.
Yes, I think there’s a little more to it than the Xi Pooh Flu..
Say what? Nike has finally figured out they can’t thrive with the BLM shoppers only?
Count me in
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