NIKE, Inc. (NYSE:NKE) shares dropped early Friday, a day after reporting financial results for its fiscal 2020 fourth quarter and fiscal year.
Fourth-quarter reported revenues were $6.3 billion, declining from prior year as the majority of NIKE-owned and partner stores in North America, EMEA and APLA were closed due to the COVID-19 pandemic.
The Beaverton, Oregon-based sports equipment behemoth also revealed its digital sales increased 75% in the fourth quarter, or 79% on a currency-neutral basis*, with strong double-digit increases across all geographies and was approximately 30% of total revenue.
For the fiscal year, Greater China revenues increased 8%, or 11% on a currency-neutral basis, marking its sixth consecutive year of double-digit currency-neutral growth despite the headwinds from COVID-19 in the second half of the year.
Our fourth quarter results were significantly impacted by physical store closures across North America, EMEA and APLA, where 90% of NIKE-owned stores were closed for roughly eight weeks in the quarter to protect the health and safety of teammates and consumers and help slow the spread of the COVID-19 pandemic.
Said CEO John Donahoe, "In a highly dynamic environment, the NIKE Brand continues to resonate strongly with consumers all over the world as our digital business accelerates in every market.
"We are uniquely positioned to grow, and now is the time to build on NIKE's strengths and distinct capabilities. We are continuing to invest in our biggest opportunities, including a more connected digital marketplace, to extend our leadership and fuel long-term growth."
NKE shares began Friday down $3.43, or 3.4%, to $97.97.
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