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Nike Reports Surprise $790 Million Loss, 46% Plunge In North American Sales
Breitbart ^ | 6-25-2020

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 ...


TOPICS: Business/Economy; Culture/Society; Foreign Affairs; News/Current Events
KEYWORDS: blackliesmatter; blackliesmurder; blacklivesmatter; china; getwokegobroke; kaepernick; nationalfelonleague; nfhell; nfl; nike; nofansleft; plunge; redchina; sales
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To: blam
Screw Nike. Deplatform them.

New Balance is the only American tennis show company worn by Patriots.

81 posted on 06/25/2020 6:26:57 PM PDT by Salvavida
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To: Veggie Todd

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.


82 posted on 06/25/2020 6:28:08 PM PDT by reed13k (For evil to triumph it is only necessary that good men do nothing)
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To: blam

Best news I’ve heard all day


83 posted on 06/25/2020 6:34:17 PM PDT by KTM rider (why do I feel like I am living in a dystopian science fiction novel watching Liberty get defeated)
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To: Salvavida

New Balance shoes stand up to my abuse the best of any shoe I have worn.


84 posted on 06/25/2020 6:35:21 PM PDT by wally_bert (Transmission tone, Selma.)
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To: blam

In a lot of places you could get their shoes for free if you just showed up at a certain time.


85 posted on 06/25/2020 6:35:31 PM PDT by kaehurowing
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To: blam

Get woke go broke

Hey nike, F you.


86 posted on 06/25/2020 6:39:43 PM PDT by Joe Boucher ( Molon Labe' Baby, Molon Labe)
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To: blam

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.


87 posted on 06/25/2020 6:46:16 PM PDT by xp38
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To: blam

Funding people to burn down your stores may not be a good business model?


88 posted on 06/25/2020 7:12:38 PM PDT by bray (Pray for President Trump)
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To: blam

Get woke. Go broke!


89 posted on 06/25/2020 7:13:51 PM PDT by Jewbacca (The residents of Iroquois territory may not determine whether Jews may live in Jerusalem)
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To: blam

Bummer! Hehehehehe!


90 posted on 06/25/2020 7:20:14 PM PDT by Road Warrior ‘04 (BOYCOTT The NFL & NASCAR! Molon Labe! Oathkeepera)
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To: 2banana

Why buy em when you can steal em


91 posted on 06/25/2020 7:25:22 PM PDT by 11th_VA (May you live in interesting times - Ancient Chinese Proverb)
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To: wally_bert
New Balance shoes stand up to my abuse the best of any shoe I have worn.

Ditto !!! Best shoes !!!

92 posted on 06/25/2020 7:29:48 PM PDT by 11th_VA (May you live in interesting times - Ancient Chinese Proverb)
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To: blam

Well they told me to.

I was just thinking about doing it.

They told me to just do it

I stopped buying anything nike.


93 posted on 06/25/2020 7:30:16 PM PDT by DoughtyOne (Some of the folks around these parts have been sniffing super flu.)
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To: blam

94 posted on 06/25/2020 7:36:57 PM PDT by Antoninus (The press has lost the ability to persuade. They retain the ability to foment a panic.)
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To: blam

They should drop their prices.


95 posted on 06/25/2020 7:37:24 PM PDT by Brilliant
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To: 2banana

Get woke, go broke


96 posted on 06/25/2020 7:48:18 PM PDT by Starcitizen (Communist China needs to be treated like the pariah country it is. Send it back to 1971)
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To: 2banana
Nike actually cheered when their stores were looted.

I haven’t bought Nike in 10 years. I tell my children not to either.

97 posted on 06/25/2020 7:54:24 PM PDT by PGR88
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To: Levy78

More good news just like disney’s losses.


98 posted on 06/25/2020 8:17:25 PM PDT by chuckb87
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To: Pikachu_Dad

I heard they had an exchange program for looted shoes.

If you got the wrong size, come in and exchange for the correct size.


99 posted on 06/25/2020 8:27:44 PM PDT by joshua c
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To: Aria

glad you’re off their plantation, sir.


100 posted on 06/25/2020 9:24:12 PM PDT by Levy78
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