Nike Could Lose $3.5 Billion Revenue in Q4 2020 Due to COVID-19

Nike are projected to lose $3.5 billion in Q4 2020 due to the , according to The Business of Fashion.

Nike have temporarily in the United States, Canada, New Zealand, Australia, Western Europe, amd other select regions. The brokerage Cowen estimates billions in losses, resulting in a 34 per cent decline in Nike’s revenue, and a loss of four cents per share.

It’s a challenging time for the sportswear giant’s new CEO John Donahoe, who takes the reins during one of the most tumultuous periods in the industry’s history. Nike’s stock has already lost a third of its value since the start of 2020, and things certainly don’t look like trending upwards anytime soon.

More to come.