2,503
 

Nike's Sales Beat Estimates Despite Coronavirus Disruption


ADVERTISEMENT
 
1
most viewed right now
+159  53
315 comments @wild'ish
3
most viewed right now
  35
11 comments @news


section  x1   |  0 bx goons and 1 bystanders Share this on Twitter       Share this on Facebook

section gear
  
 2 weeks ago '18        #1
786 page views
3 comments


Eclectic  topics gone triple plat - Number 1 spot x32
space
avatar space
space
Props total: 38481 38 K  Slaps total: 2008 2 K
Nike's Sales Beat Estimates Despite Coronavirus Disruption
 

 
image

"BEAVERTON, United States — Nike Inc. beat estimates for quarterly revenue on Tuesday as strong digital demand offset the first China sales drop in nearly six years from the coronavirus-fuelled shutdowns, but the company held back from providing a forecast due to the outbreak.

The epidemic forced Nike to temporarily shut down stores to help contain its spread in China, where it was first detected late last year. The company has now closed stores in Europe and the United States where the virus is rapidly spreading.

Governments around the world have also locked down cities and imposed stringent restrictions on travel, forcing people to turn online for their shopping needs.

"At a time when people were confined to their homes, we moved swiftly to leverage our digital app ecosystem and Nike Expert Trainer network," Chief Executive John Donahoe told analysts on his first earnings call since taking the helm.

Digital sales climbed more than 30 percent in Greater China, while sales in the region, its fastest-growing segment, fell 5 percent due to the store closures in the reported quarter.

Overall digital sales grew 36 percent in the third quarter ended February 29. Such sales accounted for nearly a tenth of the company's overall revenue in fiscal 2019.

Nike's shares rose about 11 percent in extended trading after gaining 15 percent in regular hours on Tuesday. The Dow component has lost nearly 30 percent of its value so far this year.

The company's reported numbers weren't disappointing, Wedbush analyst Christopher Svezia said, but the question on how the company will get through the pandemic remains.

"The curious question is, where do we stand now?"

Nike said 80 percent of its stores were now open in China and expected current-quarter sales to be flat in the region.

The company said it would continue to focus on new launches, a key growth driver, despite the cancellations or postponements of several sporting events, including this year's NBA and NFL seasons and the Tokyo Olympics.

Total revenue rose 5.1 percent to $10.10 billion in the third quarter, beating the average analyst estimate of $9.80 billion, according to Refinitiv IBES data.

Net income fell to $847 million, or 53 cents per share, from $1.10 billion, or 68 cents per share, a year earlier, due to the hit from the outbreak and a non-cash charge related to a shift to distributor model in South America.

By Nivedita Balu; editor: Sriraj Kalluvila."

visit this link https://www.businessoffas .. rus-disruption
+3   



best
worst
3 comments
 

 2 weeks ago '04        #2
astrotrain 
space
avatar space
space
Props total: 1443 1 K  Slaps total: 162 162
yeah i gotta ease up on buying the next few months as my contract work has dried up but everyones having crazy online sales right now to try and shift stock since no ones shopping instore.
+1   

 2 weeks ago '15        #3
thirssty58  topics gone triple plat - Number 1 spot x1
space
avatar space
space
Props total: 31161 31 K  Slaps total: 4830 4 K
 astrotrain said
yeah i gotta ease up on buying the next few months as my contract work has dried up but everyones having crazy online sales right now to try and shift stock since no ones shopping instore.
How crazy, haven't shopped in a while..

 1 week ago '05        #4
hbk83 
space
avatar space
space
Props total: 6351 6 K  Slaps total: 1469 1 K
 astrotrain said
yeah i gotta ease up on buying the next few months as my contract work has dried up but everyones having crazy online sales right now to try and shift stock since no ones shopping instore.
sh*t was like a purge on their website for a week.
My Twitter was blowing up with sale notifications.
+1   

ADVERTISEMENT
Sign me up
 
 

yesterday...


most viewed right now
online now  19
Apr 5 - NBC News: Hillary Clinton ‘Covered Up’ Pedophile Ring At State Departm..
93 comments
1 day ago
@news
most viewed right now
online now  18
Image(s) inside Quarantine Sneaker Cops
72 comments
1 day ago
@gear
most viewed right now
+21online now  13
Apr 5 - R.I.P. - Pronstar Imani Reignx Killed In Motorcycle Accident
210 comments
2 days ago
@news
most viewed right now
+65online now  6
Apr 5 - The worst president. Ever
133 comments
1 day ago
@news
back to top
register register Follow BX @ Twitter search BX privacy