Nike Sees Digital Sales as Its Covid-19 Cure
Net income decreased 23% to $847 million from $1,101 million in the fiscal third quarter ended Feb. 29 on 5% higher revenues of $10,104 million up from $9,611 million, hurt by February store closures in China to contain the spreading coronavirus. Digital sales soared 36% in the quarter, and Nike app sales grew close to triple digits. The bottom line this year includes a $400 million charge for the transition of Brazil, Argentina, Chile and Uruguay to distributor partnerships, partially offset by a $103 million gain on the sale of Hurley. Last year’s net income had a $55 million net ... Log in to view full article.