Nike posts Q4 loss, sales drop 38 percent

Nike, Inc. has announced that its fourth quarter revenues decreased 38 percent to 6.3 billion dollars, down 36 percent on a currency-neutral basis, primarily due to owned and partner physical store closures across North America, EMEA and APLA due to Covid-19, partially offset by growth in Greater China. The company’s gross margin decreased 820 basis points to 37.3 percent, while net loss for the quarter was 790 million dollars and diluted net loss per share was 51 cents driven by lower revenue and gross margin.