As of June 25, about 90% of NIKE-owned stores are open across the globe. Retail traffic continues to improve week-over-week with higher conversion rates as compared to the prior year. As the company continues to reopen retail stores and increase distribution center activity, Nike remains focused on prioritizing the health of its teammates and consumers and has taken proactive steps to help ensure a safe environment.
Nike’s competitor Under Armour (NYSE: UAA) reported weak earnings and revenue for the first quarter of 2020 due to the pandemic. Under Armour has made very difficult decisions of protecting its financial stability that includes temporary laying off teammates in the US retail stores and distribution centers.
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