Business & Finance
Nike reports $790mn Q4 loss as sales plunge on COVID-19 hit
- Nike reported a loss of $790 million, which translated to a loss of 51 percent compared with analyst expectations for nine cents per share in profit.
NEW YORK: 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, which translated to a loss of 51 percent compared with analyst expectations for nine cents per share in profit.
Revenues dropped 38 percent to $6.3 billion following huge declines in sales in most of the world, including in North America and Europe.
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