) on Thursday reported an unexpected quarterly loss - its first in more than two years - hurt by closures of department and retail stores due to lockdowns spurred by the COVID-19 pandemic.
As a result, gross margin fell 820 basis points in the fourth quarter, when company-owned stores and other retailers were closed for nearly eight weeks. Chief Executive Officer John Donahoe told analysts the company is now accelerating focus on its online presence, and expects its overall business to reach 50% digital penetration. Online sales accounted for 30% of total revenue in the quarter.In China, where the virus was first detected, all of Nike’s stores are now open. Revenue fell 3% in the Greater China region, while they plunged nearly 47% in North America.
Poor looters seeing their net-worth drop, naughty Nike
How can that be when they tweeted support for black lives matter?
I haven’t bought anything from Nike since they stood with the CCP’s oppression of Taiwan!
My spouse bought Nike’s today.
I heard the Finance Director didn't want to post the losses, but the CEO told him to 'Just Do It✔️'
Hard to sell stuff when your constantly on your knees for domestic terrorists.
How is the corporate business planning? That can't face a six months stranded off conditions. And they are doing what on a mass scale business.
Maybe their Chinese overlords will make up the difference.
Looting?
Supply Chains fueled by10 year old kids in sweat shops making $3 a week isn't enough to keep Nike in the black?
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Source: Forbes - 🏆 394. / 53 Read more »