<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Nike (NKE) swung to a quarterly loss and posted fiscal fourth-quarter sales that dropped more than expected as a slew of global store closures hit the athletic-wear maker’s results. Shares of Nike dropped more than 2% in extended trading after reporting results.” data-reactid=”12″>Nike (NKE) swung to a quarterly loss and posted fiscal fourth-quarter sales that dropped more than expected as a slew of global store closures hit the athletic-wear maker’s results. Shares of Nike dropped more than 2% in extended trading after reporting results.

Here were the main metrics from the report, compared to consensus estimates compiled by Bloomberg:

  • Revenue: $6.31 billion, vs. $7.38 billion expected and $10.2 billion Y/Y

  • Loss per share: 51 cents, vs. earnings of 10 cents per share expected and earnings of 62 cents Y/Y

Nike’s fiscal fourth quarter captured the three-month period between March and the end of May, during which the athletic-wear giant contended with a wide range of virus-related store closures. About 90% of Nike’s physical stores in North America, Europe, the Middle East, Africa and the Asia Pacific region were closed for about eight weeks during the quarter.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Nike warned in a mid-May update. that store closures would generate “significantly lower wholesale revenue and higher inventory” during the fourth quarter, and drive a “material impact” on results across its regions.” data-reactid=”18″>Nike warned in a mid-May update. that store closures would generate “significantly lower wholesale revenue and higher inventory” during the fourth quarter, and drive a “material impact” on results across its regions.

Still, the previous quarter through the end of February saw Nike’s sales hold up more strongly than expected, even given closures that at the time had swept China. The company managed to offset some revenue declines due to retail store closures in China with a more than 30% surge in digital sales.

That dynamic continued to an extent across Nike’s other geographies in the reported quarter, but not by enough to buoy overall sales. Nike’s digital sales surged 75% in the fourth quarter, comprising about 30% of overall revenue.

Shares of Nike have fallen less than half a percent for the year to date, versus a decline of 4.8% in the S&P 500.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="This post is breaking. Check back for updates.” data-reactid=”22″>This post is breaking. Check back for updates.

A man tries on shoes in the Nike store in Santa Monica, California, September 25, 2013. NIKE, Inc. plans to release its first quarter fiscal 2014 financial results on Thursday, September 26, 2013. REUTERS/Lucy Nicholson (UNITED STATES - Tags: BUSINESS SPORT)A man tries on shoes in the Nike store in Santa Monica, California, September 25, 2013. NIKE, Inc. plans to release its first quarter fiscal 2014 financial results on Thursday, September 26, 2013. REUTERS/Lucy Nicholson (UNITED STATES - Tags: BUSINESS SPORT)
A man tries on shoes in the Nike store in Santa Monica, California, September 25, 2013. NIKE, Inc. plans to release its first quarter fiscal 2014 financial results on Thursday, September 26, 2013. REUTERS/Lucy Nicholson (UNITED STATES – Tags: BUSINESS SPORT)

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