Fashion

Nike stock drops 4 percent following Q4 loss report


Shares of Nike, Inc. (NKE) are
falling more than 4 percent Friday morning after the company reported an
unexpected loss in the fourth quarter as its sales were hurt by the
pandemic
.

Nike reported net loss of 790 million dollars, or 0.51 per share, during
the fourth quarter compared with net income of 989 million dollars, or $0.62
per share, a year ago.

Total revenue was down 38 percent to 6.31 billion dollars from 10.18 billion dollars a
year ago as the majority of Nike-owned and partner stores in North
America, EMEA, and APLA were closed due to the COVID-19 pandemic.
However, the company’s digital sales increased 75 percent in the
quarter.

NKE stock is currently trading at 96.92 dollars. It has traded in the range
of 60- 105.62 dollars in the past 52 weeks.(DPA)



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