Nike Inc 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.
) 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.
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