June 26, 2020
Nike stock today
Yesterday NIKE, Inc (NKE) reported quarterly financial results, having a loss and missing on revenue estimates. At 9:33 AM today, June 26, 2020, NKE stock is trading at 98.14-3.26 (-3.21%). The previous close for NKE stock price was 100.08
“Nike’s (NKE) disappointing fourth-quarter results reflected the harsh realities of COVID-19 facing most retail brands. However, the fundamentals of the Swoosh brand remain strong, with the company hanging its hat on numerous bright spots centered around its digital platforms.
Nike missed on both the top and bottom lines posting revenue of $6.31 billion, vs. $7.38 billion expected with a loss per share of 51 cents, vs. earnings expectations of 10 cents per share and Q4 revenue declined 44% on a currency-neutral basis.
Though the global sportswear giant missed Wall Streets’ expectations, the consensus among analysts was that the COVID-19 pandemic was going to make Q4 a rough one for Nike.
By March 2020, Nike saw 90% of its retail stores shut down due to COVID-19, which forced the brand to rely on what it refers to as its “digital transformation.”
Nike saw its digital sales increase 75% in the fourth quarter (79% on a currency-neutral basis) with strong double-digit increases across all geographies making up about 30% of total revenue. The Beaverton Oregon company also, for the first time, surpassed $1 billion in annual digital revenue in both Greater China and the EMEA region. North America Digital grew 80%, and the Nike App itself grew by triple digits. Nike’s SNKRS app also reached $1 billion in global demand for the first time.”
Stock market data: https://finance.yahoo.com/news/the-bright-spot-in-nikes-disappointing-quarter-001523596.html