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

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

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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