×
163
Fashion Jobs
L'OREAL GROUP
Executive - Sales - Matrix - Cochin
Permanent · Kochi
SUBIR SINHA
General Manager Production Manager
Permanent · Kanpur
RIVAARA LABS
we Are Area Sales Manager Like You to Join Our Sales Team
Permanent · Nashik
CAPITAL PLACEMENT SERVICES
sr.Manager Production Grinding Machines For Vadodara Gujarat
Permanent · Vadodara
L'OREAL GROUP
Area Sales Manager - South Bengal
Permanent · Kolkata
FUTURES AND CAREERS
Job Requirement For "Assistant Production Manager"
Permanent · Renigunta
KEWAL KIRAN CLOTHING LTD
Area Sales Manager (Channel Sales) Rajasthan, Jaipur
Permanent · Jaipur
FEDBANK FINANCIAL SERVICES LTD
Area Sales Manager- Doorstep Gold Loan(Chennai)
Permanent · Chennai
HERO HOUSING FINANCE LIMITED
Area Sales Manager
Permanent · Thane
PROJOBS
Manager Accounts - Garment Manufacturing (Cma)
Permanent · Coimbatore
HECTOR AND STREAK CONSULTING PVT LTD
Production Manager- Diagnostic Portfolio
Permanent · Mumbai
ELITE DECOR PVT LTD
Production Manager & Production Supervisor
Permanent · Vadodara
L'OREAL GROUP
Sales Executive - Professional Division - Bhopal
Permanent · Bhopal
L'OREAL GROUP
Executive - Sales Cpd - Bhatinda (n)
Permanent · Bathinda
L'OREAL GROUP
Sales Executive - Cpd - Bhatinda
Permanent · Bathinda
L'OREAL GROUP
Area Sales Manager, Cpd - Chandigarh
Permanent · Chandigarh
HEALTHKART
Area Sales Manager- Healthkart - Lucknow, Agra, Gwalior
Permanent · Lucknow
HALONIX TECHNOLOGIES PVT LTD
Area Sales Manager - Lighting Retail Sales (Rajkot)
Permanent · Rajkot
ELECTRONICA FINANCE LTD
Area Sales Manager - Bangalore Machinery Loan
Permanent · Bengaluru
NANDANI CREATION LTD
Production Manager
Permanent · Jaipur
ELECTRONICA FINANCE LTD
Area Sales Manager - Kolhapur Machinery Loan
Permanent · Kolhapur
DIAMOND RETAIL INDIA
Hiring For Sales Officer/Area Sales Manager (Jharkhand All District)
Permanent · Ranchi
By
Reuters API
Published
Jun 26, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Nike posts surprise loss as Covid-19 hits wholesale business

By
Reuters API
Published
Jun 26, 2020

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.


Revenue fell 3% in the Greater China region, while they plunged nearly 47% in North America - Nike


The footwear maker’s shares fell about 4% in after-hours trading.

The wholesale business, through which Nike sells merchandise to other retailers, came to a halt amid the health crisis. That led to a 50% fall in shipments, increased inventory and higher costs due to order cancellations.

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.

However, Nike’s investments in its digital platform over the years helped it record a 75% rise in online sales, as many consumers shopped for activewear and sneakers from the comfort of their homes.

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.

“Covid-19 has shown that our strategy is sound,” Donahoe said.

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.

Forrester Research retail analyst Sucharita Kodali said the Nike brand is still strong and China sales number is an indicator of what to expect in western markets and the United States as things normalize.

“It’s not financially distressed ... It does not have the problems of other companies in retail.”

Nike’s net loss came in at 51 cents per share and revenue fell 38% to $6.31 billion.

Wall Street was expecting a profit of 7 cents per share and revenue of $7.32 billion, according to IBES data from Refinitiv.

© Thomson Reuters 2021 All rights reserved.