Coronavirus: Nike reports $790m Q4 loss as sales plunge

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.