When Nike kicked off its 2020 fiscal year last June, this is not the outcome it was expecting.
Through the first half of the fiscal year that ended May 31, business had been humming. Sales were up 9%, according to the company. But when the pandemic hit in the second half, the impact was too great for even Nike to withstand. For the full year, Nike’s sales fell 4% versus the same period last year “due to the impact of COVID-19 on business operations, primarily in the fourth quarter,” the company said yesterday (pdf).