Nike: posts surprise loss in Q4
(CercleFinance.com) - On Thursday evening Nike reported a net loss of 790 million dollars for Q4 2019-20, or 51 cents per share, whilst analysts were still expecting it to post EPS of around 12 cents.
The sporting goods giant saw its revenues plunge by 38% to 6.3 billion dollars, while its gross margin dropped 8.2 points to 37.3%, with the Covid-19 crisis impacting its business. The company was unable to offset this by a reduction in the cost of sales and administrative costs.
For the full year, the Beaverton, Oregon-based company therefore recorded a 36% decline in EPS to 1.60 dollar, with revenue down 4% to 37.4 billion dollars (-2% at constant exchange rates).
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The sporting goods giant saw its revenues plunge by 38% to 6.3 billion dollars, while its gross margin dropped 8.2 points to 37.3%, with the Covid-19 crisis impacting its business. The company was unable to offset this by a reduction in the cost of sales and administrative costs.
For the full year, the Beaverton, Oregon-based company therefore recorded a 36% decline in EPS to 1.60 dollar, with revenue down 4% to 37.4 billion dollars (-2% at constant exchange rates).
Copyright (c) 2020 CercleFinance.com. All rights reserved.