Nike Is Doubling Down on Digital to Overcome the Pandemic
After a dismal fourth quarter, Nike (NYSE: NKE) is looking to the digital channel to pull out of the COVID-19 pandemic.
Shares were down modestly Friday morning as the sportswear giant posted a wide loss in its fiscal fourth quarter as well as plunging revenue. Both results were much worse than expected.
Revenue fell 38% in the quarter, well below the analyst consensus at $7.5 billion, as the company said that 90% of owned and partner stores outside of China were closed for about eight weeks of the quarter due to the pandemic. That led to a loss per share of $0.51, which compared to per-share profit of $0.62 in the quarter a year ago and analyst expectations of a $0.09 per-share profit.
Source Fool.com
