Nike Q4 FY20 result: sales $6.3 bn; net loss $790 mn

26 Jun '20

2 min read

Pic: Nike

Nike, US-based designer of authentic athletic footwear, apparel and accessories, has announced its fourth quarter (Q4) FY20 results. Revenues for Q4 FY20 that ended on May 31, 2020, dropped 38 per cent to $6.3 billion (Q4 FY19: $10.1 billion). Company incurred a net loss of $790 million during the quarter compared to net income of $989 million in Q4 FY19.

“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,” John Donahoe, president and chief executive officer at Nike, said in a press release.

Nike’s digital sales grew 75 per cent during Q4 FY20, with strong double-digit increases across all geographies and was approximately 30 percent of total revenue. Gross profit were down 49 per cent to $2.3 billion ($4.6 billion).

Sales during the reported quarter declined in all regions: in North America it decreased 46 per cent to $2.2 billion ($4.1 billion); Europe, Middle East & Africa it fell 46 per cent to $1.3 billion ($2.4 billion); Greater China slightly came down 3 per cent to $1.6 billion; and Asia, Pacific & Latin America sales decline 42 per cent to $801 million ($1.3 billion).

Segment wise sales of footwear were down 35 per cent to $4.2 billion ($6.4 billion). Apparel sales decreased 42 per cent to $1.6 billion ($2.8 billion). Sales of equipment slipped 53 per cent to $165 million ($354 million).

Fibre2Fashion News Desk (JL)

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