https://www.marketwatch.com/story/nike-fourth-quarter-sales-drop-nearly-40-2020-06-25?mod=home-page
"Nike Inc. shares fell 3% in premarket trade Friday, after the sporting goods maker swung to a fourth-quarter loss and total sales dropped 38% despite a jump in online sales.
The quarter’s online sales rose 75% with “strong double-digit increases” across geographies and made up about a third of total revenue for the quarter, Nike NKE, -7.62% said.
Nike lost $790 million, or 51 cents a share, in the fourth quarter, contrasting with earnings of $989 million, or 62 cents a share, in the year-ago quarter.
Sales fell to $6.3 billion from $10.1 billion a year ago.
Nike pinned the 38% drop on store closures due to the coronavirus pandemic and fewer shipments to its wholesalers, which increased inventory.
Analysts polled by FactSet had expected Nike to report a GAAP loss of 8 cents a share on sales of $7.3 billion.
The company vowed to continue to invest more in online sales."
They share the same ideals, and goals of the Chinese Communist Party.