In this file photo taken on June 14, 2017 the Nike 'swoosh' logo is displayed on the outside of the Nike SoHo store, in New York City. US sporting goods giant Nike said October 4, 2018 Image Credit: AFP

New York: Sports giant Nike reported a surprise loss Thursday as shutdowns due to COVID-19 prompted a big drop in revenues in spite of higher online sales.

Nike reported a loss of $790 million (Dh2.9 billion), which translated to a loss of 51 percent compared with analyst expectations for nine cents per share in profit.

Revenues dropped 38 percent to $6.3 billion following huge declines in sales in most of the world, including in North America and Europe.