Nike says coronavirus having 'material' impact on its business, as stores in the U.S. start to reopen

Nike said it has started reopening stores in more than 15 countries including Germany, France, the Netherlands, Brazil and the U.S.

The athletic apparel and footwear maker said all of its owned stores and more than 95% of its partner stores in Greater China and South Korea are back up and running. It said traffic is "progressing" in those regions, however store traffic remains below prior-year levels. Nike said it sees "continued strong" demand from consumers online, offsetting some of those losses.

"With our strong digital foundation, brand momentum and financial position, we believe this will be a catalyzing moment that strengthens Nike's long-term future," he added. Nike said Thursday it is seeing increased traffic and engagement on its mobile apps and website, "partially offsetting" declines in its stores.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The World’s Largest Apparel Companies 2020: LMVH On Top While Nike Gains FootholdDespite the gloomy outlook for today’s apparel retailers, the industry titans on the 18th annual Forbes Global 2000 list seem poised to survive.
Source: Forbes - 🏆 394. / 53 Read more »

Companies Start Reaping Billions in Tax Breaks to Ride Out Economic SlumpNew tax breaks expected to total about $650 billion are starting to flow to U.S. businesses, giving them quick cash and longer-term help to ride out the coronavirus-induced economic downturn. really? All aid should be taxable on your 2020 tax returns. If the money wasn’t really needed that’s the way to recoup unneeded aid. Tax breaks instead of lending support is very smart decision by Federal Gov’t. Will equate to an acceleration of the economy at time of restart.
Source: WSJ - 🏆 98. / 63 Read more »