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 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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(Excerpt) Read more at breitbart.com ...
My wife and I have the “Betsy Ross” t-shirt in blue.
Nice material and many compliments.
I am happy to see the loss figures for NIKE. Compared to revenue, it is not huge, but a loss!
NIKE is to blame because of their attitude: “we back Kraperkick and others because that is who we are.”
I avoid buying and will not wear any item that has the “swoosh!” The have screwed the swoosh! HAhaha.
I wouldn’t buy Nikes at any price, or wear them if they were free.
Boycott? “Just do it.” ;)
OH GEE I thought North American sales didn’t matter to them because CHINA loves them!! SCREW YOU NIKE enjoy the suck!!
Most likely the unionized sports they launder democrat money through.
Why buy them when they smash a window and take a pair or five?
Kaepernick
Bubba
Jussie
“The black racist loser lineup”
Remember the Nike sales pitch:
"Buy our shoes, America,
so that some underprivileged BLM teen can take them from
your corpse.."
It has been a good number of years that I took several financial accounting courses, but I will try to explain it.
Most companies report results for a calendar year, January 1 to December 31. So the quarters end March 31, June 30, September 30, and December 31.
Some companies operate on a different yearly cycle, depending on sales. A retail business or shoe manufacture may have a year that runs from say March 1 to February 28. There is noting illegal or involving “creative accounting.”
I was in Modells in NY today. They are going out of business and i bought $500 of merchandise for $200...there were racks of Nike merchandise which i would not consider buying despite the fact it was 75% off...
I worked there...they’re a bunch of hypocrites.
Imagine how it felt to turn on my computer every morning and having to look at that ugly Kaepernick mug with the word SACRIFICE superimposed over it. Him and his 25 million from Nike that he got for dissing the USA. Some sacrifice. I sacrificed more by going there every day and doing what they asked and needed for which I got zero thanks.
Maybe they’ll drop 2-14 Colon.
I have not worn a Nike product in years.
“exchange for the correct size?” Now that is woke plus!
Don’t give them any ideas, they are committed to the black looter who will steal the $190.00 shoes, from store or home, which will have to be replaced by an unaware consumer. Good business to have to sell an item more than once.
SAD STUFF THERE.
Great flick.
Sometimes I go on FR and get overwhelmed by depressing headlines. Thank goodness for posts like these that help keep the balance.
I hope their corporate headquarters and factories go up in flames!
I used to have a ton of Nike golf shirts back in the eighties. Haven’t worn anything Nike since.
I doubt it was from COVID.
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