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.
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
Snapchat has been betting big on Augmented Reality’s (AR) retail future consideringJune 22, 2021 | By Jibran Chouguley
Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and
UAE-based Al Maya Group announced that it will be boosting import of
UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
UAE-based Al Maya Supermarkets is hosting a two-week food festival at select
Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the
Adidas has opened its first store wholly dedicated to women at the
Off-price retailer BFL (Brands For Less) Group has announced the opening of
“The fashion industry will need to ‘slow down’ so that people can
E-commerce giant Amazon’s founder Jeff Bezos has stepped down as CEO, handing
American clothing retailer, PVH has increased the number of active job advertisements
Extravagant, conceptual, great food and views are some of the ways that
As the UK begins to return to normality, Father’s Day shoppers are
Abu Dhabi’s state investment company ADQ is in talks to invest about $500 million
Netflix has announced the launch of its e-commerce platform where show merchandise
Hong Kong-based Giordano International Limited announced that it has entered into an
SHEIN customers in Saudi and the UAE can now benefit from its