Nike, Inc. (NYSE: NKE) announces financial results for its fiscal 2020 fourth quarter and full year. For the fourth quarter Nike announces USD 6.3 Billion in revenues, a shortfall compared to last year due to the coronavirus pandemic. Digital sales rose 75% on strong double-digit increases across all geographies which was 30% of total revenue. Fourth quarter results were impacted by physical store closures due to health and safety precautions to slow the spread of the coronavirus pandemic.
“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 and Chief Executive Officer, 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.”**
“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,” said Matt Friend, Executive Vice President and Chief Financial Officer, NIKE, Inc. “Amid macroeconomic uncertainty, we will continue to operate with agility, focused on optimizing marketplace supply and demand, cost management and leveraging our financial strength to drive long-term sustainable, profitable growth.”**