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Nike falls hard after stumbling over the virus: loses 704 million from March to May


Stumbling Nike by the coronavirus. The American sportswear and equipment manufacturer has lost 704 million between March and May due to its massive store closure due to the pandemic. In its entire fiscal year, the company has made a net profit of $ 2,539 million. The company's shares have dropped 7.62% at the close of Wall Street.

Nike's turnover has also suffered in that last quarter of the fiscal year, registering a 38% drop to $ 6,313 million.

"Our fourth quarter results were significantly affected by the closure of physical stores in North America, EMEA and APLA, where 90% of Nike-owned stores closed for approximately eight weeks in the quarter, " acknowledges the company in a statement.

"As physical retail reappears, Nike's strong digital trends continue, attesting to the strength of our brand and the investments we've made to elevate digital consumer experiences," said Executive Vice President and Chief Financial Officer of the Colossus, Matt Friend.

The turnover of Nike has also lost ground, specifically 4.4% annually, falling to $ 37,403 million. The crash has been especially pronounced in North America (-8.9%) and Europe (-5%).

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