Nike (NYSE:NKE) earnings for the athletic wear company’s fiscal fourth quarter of 2020 have NKE stock on the move after markets closed on Thursday. That comes after reporting adjusted losses per share of 51 cents on revenue of $6.3 billion. For comparison, Wall Street was expecting adjusted EPS of 9 cents on revenue of $7.52 billion.
Let’s take a closer look at the most recent Nike earnings report below.
- Adjusted per-share earnings are down massively from 62 cents during the same time last year.
- Revenue for the quarter is sitting 38% lower than the $10.18 billion reported in fiscal Q4 2019.
- The Nike earnings report also has it bringing in a net loss of $790 million.
- That’s a major drop from the company’s net income of $989 million in the same period of the year prior.
Matt Friend, executive vice president and CFO of Nike, said this in the earnings report.
“As physical retail re-opens, NIKE’s strong digital trends continue, a testament to the strength of our brand and the investments we’ve made to elevate digital consumer experiences. Amid macroeconomic uncertainty, we will continue to operate with agility, focused on optimizing marketplace supply and demand, cost management and leveraging our financial strength to drive long-term sustainable, profitable growth.”
Nike doesn’t provide guidance for fiscal 2021 in the current earnings report. That makes sense with the novel coronavirus causing problems for the economy. Many other companies are also withholding outlooks during the pandemic.
NKE stock was down 2.8% after-hours Thursday but closed out the day up 1.2%.
As of this writing, William White did not hold a position in any of the aforementioned securities.