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The Corona Pandemic Helped Nike Generate Significantly More Profits

The online shopping boom during the corona pandemic helped Nike generate significantly more profits in the most recent financial quarter.

The Corona Pandemic Helped Nike Generate Significantly More Profits
Yazar: Tom Roberts

Yayınlanma: 23 Eylül 2020 00:47

Güncellenme: 6 Kasım 2024 06:00

The Corona Pandemic Helped Nike Generate Significantly More Profits

The online shopping boom during the corona pandemic helped Nike generate significantly more profits in the most recent financial quarter. In the three months to the end of August, the world's largest sporting goods manufacturer earned $ 1.5 billion, as the Adidas competitor announced. This corresponds to an increase of eleven percent year-on-year.
Nike's digital sales rose 82 percent. In China in particular, the group posted significantly more demand. Nevertheless, group-wide sales fell by just under one percent to $ 10.6 billion. Thanks to lower spending, the bottom line was that much more remained in the cash register than a year ago.
Nike was able to clearly exceed the expectations of the analysts with the quarterly figures, investors initially let the share rise by more than eight percent after the trading day. The price has already risen by over 15 percent since the beginning of the year. In the previous quarter, Nike had to accept a high loss due to closed stores and high special costs in view of the corona pandemic.  
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