Nike Could Lose $3.5 Billion Revenue in Q4 2020 Due to COVID-19
Nike have temporarily closed stores in the United States, Canada, New Zealand, Australia, Western Europe, amd other select regions. The brokerage Cowen estimates billions in losses, resulting in a 34 per cent decline in Nike’s revenue, and a loss of four cents per share.
It’s a challenging time for the sportswear giant’s new CEO John Donahoe, who takes the reins during one of the most tumultuous periods in the industry’s history. Nike’s stock has already lost a third of its value since the start of 2020, and things certainly don’t look like trending upwards anytime soon.
More to come.