Nike’s (NKE) disappointing fourth-quarter results reflected the harsh realities of COVID-19 facing most retail brands. However, the fundamentals of the Swoosh brand remain strong, with the company hanging its hat on numerous bright spots centered around its digital platforms.
Nike missed on both the top and bottom lines posting revenue of $6.31 billion, vs. $7.38 billion expected with a loss per share of 51 cents, vs. earnings expectations of 10 cents per share and Q4 revenue declined 44% on a currency-neutral basis.
Though the global sportswear giant missed Wall Streets’ expectations, the consensus among analysts was that the COVID-19 pandemic was going to make Q4 a rough one for Nike.
By March 2020, Nike saw 90% of its retail stores shut down due to COVID-19, which