Earnings

Nike says coronavirus having ‘material’ impact on its business

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John Donahoe took over as Nike CEO in January 2020.

Kim Kulish | Corbis via Getty Images

Nike is finally beginning to reopen stores in the U.S., but the company said Thursday it expects the coronavirus pandemic will still have a material impact on its business in North America, parts of Europe and Asia during its fiscal fourth quarter. 

The athletic apparel and footwear maker said all of its owned stores and more than 95% of its partner stores in Greater China and South Korea are back up and running. It said traffic is “progressing” in those regions, however store traffic remains below prior-year levels. Nike said it sees “continued strong” demand from consumers online, offsetting some…



Source cnbc.com

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