Nike Reports $790 Million USD Losses Because of Virus

Despite a 75% increase in online sales, Nike reported on Thursday a loss of $790 million USD in the quarter ending May 31st, which translated into a loss of 51 cents per share. Worldwide revenue for the sportswear giant decreased by 38% to $6.3 billion USD, with Nike’s biggest operating region, North America, posting a revenue drop of 46% to $2.2 billion USD. The company announced that 90% of the company’s stores were ordered to cease operations for roughly 8 weeks in 3 out of its 4 operating regions, the exception being Greater China.