Nike Reports Surprise $790 Million Loss, 46% Plunge In North American Sales

Breitbart ^ | 6-25-2020

[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 company’s 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.

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[MadMax, the Grinning Reaper]

This is one “NIKE” that isn’t defending America.

(For you youngsters, the NIKE and NIKE A were anti-aircraft missile defense units deployed around American cities in the 1950’s and part of the 60’s.)

[BatGuano]

“Take your medicine,” I agree. They have been on the wrong side of this issue and still make billions in revenues and profits. They brushed off questions of why they backed certain athletes and issues and they, (paraphased) said, that is who we support and who we are. I will not wear nike swoosh crap again. They, Nike, are BLM representatives.

BLM = Bully, Loot, Murder. I would hope they spin, crash and burn.

[BatGuano]

Tiger has always been an “NN!”

[Levy78]

Yessir. I stopped the day they backed Kap. No swooshes in my house ever again.