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2020-05-15

Nike warns of the fourth quarter store shutdown due to virus

Image:-Nike store

On Thursday, Nike Inc said shutdowns all over the world will harm retail and wholesale businesses in the fourth quarter, while increasing the capability of e-commerce to deal avec increased online order in the context of the COVID-19 pandemic.

The sportswear maker predicts a hit for its fourth quarter in all the regions where its products are sold as only 5 to 40% of Nike's stores are there open.

The company says, though, that all Nike's stores are open in China, while in South Korea more than 95% are open, some with reduced hours. It added that traffic is still below the level of the previous year.

The company also said that new member acquisitions are increasing, with strong digital demand partially compensating for declines in its own stores and wholesale channels.

In more than 15 countries , including Germany, France , Brazil and the United States, Nike has been reopening stores.

Article Edited by | John Heine |

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