Global Economy

Nike reports unexpected loss as sales tumble 38%, shares fall

Shoppers, some wearing PPE (personal protective equipment), of a face mask or covering as a precautionary measure against COVID-19, queue to enter a recently re-opened Nike store at Gunwharf Keys shopping centre in Portsmouth, southern England on June 16, 2020.

Adrian Dennis | AFP | Getty Images

Nike reported a quarterly net loss and a sales decline of 38% year-over-year, as its business took a hit from its stores being shut during the coronavirus pandemic

Its shares were down around 3% in after-hours trading following the release Thursday afternoon. 

Here’s how Nike did during its fiscal fourth quarter: 

  • Loss per share: 51 cents 
  • Revenue: $6.31 billion 

Analysts were calling for the company to report earnings of 7 cents per share on revenue of $7.32 billion, according to Refinitiv data. However, impact from the coronavirus pandemic makes it difficult to compare the company’s results to analysts’ estimates. 

As of Thursday’s market close, Nike shares are down less than 1% this year. The stock is up about 22% from a year ago. Nike is valued at $157.7 billion. 

Read the full press release from Nike here. 

This is a developing story. Please check back for updates. 


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