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.

Previous Article Next Article

YOU MAY ALSO LIKE /



Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and 

Continue Reading

July 8, 2021 | By Jibran Chouguley

UAE-based Al Maya Group announced that it will be boosting import of 

Continue Reading

June 24, 2021 | By RetailME Bureau

UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu 

Continue Reading

June 2, 2021 | By RetailME Bureau

UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand 

Continue Reading

March 31, 2021 | By RetailME Bureau

Locally owned supermarket Spinneys celebrates 60 years of doing business in the 

Continue Reading

March 9, 2021 | By RetailME Bureau
Almarai, Carrefour, Emirates have the most loyal customers

UAE-based Carrefour will become the first retailer in the region to offer new levels 

Continue Reading

February 22, 2021 | By RetailME Bureau

The Organic Farmers’ Market is back in Bay Avenue for its 12th 

Continue Reading

February 17, 2021 | By RetailME Bureau

UAE-based  Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah, 

Continue Reading

February 15, 2021 | By RetailME Bureau
Jones the grocer

Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones 

Continue Reading

February 1, 2021 | By RetailME Bureau

UAE-based Al Maya Supermarkets is hosting a two-week food festival at select 

Continue Reading

January 17, 2021 | By Lawrence Pinto

Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the 

Continue Reading

January 17, 2021 | By RetailME Bureau
Cookit

Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created 

Continue Reading

January 5, 2021 | By RetailME Bureau




Download Images RetailME Magazine