NIKE revenues decline 38%, digital sales up 75%


June 29, 2020 | By RetailME Bureau

NIKE, Inc.’s revenues declined 38% to $6.3 billion, for its fiscal 2020 fourth quarter and full-year ended on May 31, 2020, while digital sales increased 75% during this period. NIKE’s digital sales saw strong double-digit rise across all geographies, accounting for approximately 30% of total revenue.

The decline in NIKE’s revenues was primarily due to the closure of the majority of NIKE-owned and partner stores across North America, EMEA and APLA due to the COVID-19 pandemic, partially offset by growth in Greater China.

“In a highly dynamic environment, the NIKE brand continues to resonate strongly with consumers all over the world as our digital business accelerates in every market,” said John Donahoe, president & CEO, NIKE, Inc. “We are uniquely positioned to grow, and now is the time to build on NIKE’s strengths and distinct capabilities. We are continuing to invest in our biggest opportunities, including a more connected digital marketplace, to extend our leadership and fuel long-term growth.”

Currently, approximately 90% of NIKE-owned stores are open across the globe, and retail traffic is improving week-over-week with higher conversion rates, as compared to the prior year.

“As physical retail re-opens, NIKE’s strong digital trends continue, a testament to the strength of our brand and the investments we’ve made to elevate digital consumer experiences,” added Matt Friend, executive vice president and CFO, NIKE, Inc. “Amid macroeconomic uncertainty, we will continue to operate with agility, focused on optimising marketplace supply and demand, cost management and leveraging our financial strength to drive long-term sustainable, profitable growth.”

According to Reuters news, NIKE has indicated job cuts as it ramps up efforts to sell directly to customers through its online and retail channels.

 

For all the latest retail news from the Middle East, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube page.

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /



UAE-based concept grocery retail chain, Grandiose has opened a new supermarket within 

Continue Reading

November 22, 2020 | By RetailME Bureau

US-based fast food chain, Nathan’s famous Inc. brings another New York classic, 

Continue Reading

November 12, 2020 | By RetailME Bureau

Dubai-based Union Coop, the leading Consumer Cooperative in the UAE, opened its 

Continue Reading

November 11, 2020 | By RetailME Bureau

UAE homegrown marketplace, Noon.com has announced its Yellow Friday sale from November 

Continue Reading

November 5, 2020 | By RetailME Bureau

UAE-based Al Maya Group officially launched an exclusive range of Woolworths products 

Continue Reading

October 30, 2020 | By RetailME Bureau

Abu Dhabi headquartered LuLu Group has opened its latest hypermarket at Khalifa 

Continue Reading

October 29, 2020 | By RetailME Bureau

elGrocer, the grocery delivery app with ties to some of the major 

Continue Reading

October 25, 2020 | By RetailME Bureau

Jones the Grocer set to open its doors at Dubai’s newly launched 

Continue Reading

October 18, 2020 | By RetailME Bureau

Saudi-based operators of hypermarkets and supermarkets BinDawood Holding Company has completed the 

Continue Reading

October 16, 2020 | By RetailME Bureau

The regional food and grocery delivery app Talabat has announced the expansion 

Continue Reading

October 15, 2020 | By RetailME Bureau

Walmart is hiring 10,000 new employees in Canada for positions in stores 

Continue Reading

October 14, 2020 | By RetailME Bureau

British quality grocery retailer Waitrose & Partners launched its first e-commerce platform 

Continue Reading

October 11, 2020 | By RetailME Bureau




Download Images RetailME Magazine