Huge earnings push Nike to surprising win against coronavirus

📆 22/09/2020 10:07 p. m.
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The sports giant scored an 82% increase in digital sales, offsetting lower revenue. FMTNews Coronavirus

Nike’s profit margins were pinched by higher promotion spending to reduce excess inventory.

The sports giant scored an 82% increase in digital sales, offsetting lower revenue in its wholesale business and declines in retail stores, where traffic is still down due to Covid-19. The results were a big improvement from the prior quarter, when Nike suffered a surprise loss following a 38% tumble in year-over-year revenues.

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