Nike Inc. (NYSE: NKE) slipped to a loss in the fourth quarter of 2020 from a profit last year due to the closure of its stores arising from the rapid spread of the COVID-19 pandemic. The results missed analysts’ expectations.
The results were significantly impacted by physical store closures across North America, EMEA, and APLA, where 90% of NIKE-owned stores were closed for roughly eight weeks in the quarter to protect the health and safety of teammates and consumers and help slow the spread of the COVID-19 pandemic.
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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The COVID-19 pandemic raged through the first half of this year and continues to impact the world without signs of abating. Amid this health crisis, several companies reported strong results