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.
(snip)
(Excerpt) Read more at breitbart.com ...
New Balance is the only American tennis show company worn by Patriots.
quarters are every 3 months. 2nd qtr earning period is Apr-Jun, they report results of that qtr starting in July after they have calculated everything.
note; different companies will pick their own fiscal calendars and don’t all align with the calendar year.
Best news I’ve heard all day
New Balance shoes stand up to my abuse the best of any shoe I have worn.
In a lot of places you could get their shoes for free if you just showed up at a certain time.
Get woke go broke
Hey nike, F you.
Oh the Michael Vick thing did it for me. It’s a shame since Adidas and New Balance have joined the support crowd in the riot spasm now. For the future I will look for no label whatsoever in a sneaker.
Funding people to burn down your stores may not be a good business model?
Get woke. Go broke!
Bummer! Hehehehehe!
Why buy em when you can steal em
Ditto !!! Best shoes !!!
Well they told me to.
I was just thinking about doing it.
They told me to just do it
I stopped buying anything nike.
They should drop their prices.
Get woke, go broke
I haven’t bought Nike in 10 years. I tell my children not to either.
More good news just like disney’s losses.
I heard they had an exchange program for looted shoes.
If you got the wrong size, come in and exchange for the correct size.
glad you’re off their plantation, sir.
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