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Nike stock drops 4 percent following Q4 loss report

Business

Nike stock drops 4 percent following Q4 loss report

By DPA

26 Jun 2020

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 pandemic.

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 quarter.

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)