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Sacrificing: Nike reports $790M Q4 loss as sales plunge

Even as online sales increased due to people being shut at home during Wuhan virus lockdowns, Nike reported a loss for the quarter ending May 31.

From Yahoo:

“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.”

Read the whole story here.

DCG

https://news.yahoo.com/nike-reports-790-mn-q4-loss-sales-plunge-000342777.html

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