More specifically, its revenue decreased by 38 percent in the final quarter of the year, dropping down to $6.3 billion USD while suffering a net loss of $790 million USD. At the same time, full year revenue decreased four percent to $37.4 billion USD, and net income was down 36 percent to $2.5 billion USD, although Nike notes that due to social distancing, its digital sales increased 47 percent, while its market in Greater China continued to grow by 11 percent on a currency-neutral basis, marking a sixth consecutive year of double-digit growth.
The company also highlights that despite COVID-19, approximately 90 percent of its retail stores across the globe have now reopened, the number rising to nearly 100 percent in Greater China. Retail traffic also “continues to improve week-over-week with higher conversion rates as compared to the prior year.”
“In a highly dynamic environment, the NIKE Brand continues to resonate strongly with consumers all over the world as our digital business accelerates in every market,” said John Donahoe, CEO and president of Nike. “We are uniquely positioned to grow, and now is the time to build on NIKE’s strengths and distinct capabilities. We are continuing to invest in our biggest opportunities, including a more connected digital marketplace, to extend our leadership and fuel long-term growth.”
To learn more about Nike’s fourth quarter and full year financial results for the fiscal year of 2020, you can head over to the company’s website.
In other business-related news, Olympus is pulling out of the camera business after 84 years.
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