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.
“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.
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