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<p><strong>Nike’s Earnings Are Another Sign Coronavirus Is Widening The Retail-Industry Divide</strong></p> <p> </p> <p><strong><img src="https://specials-images.forbesimg.com/imageserve/5f6a96b525df0bab7f64d7df/960x0.jpg?fit=scale" alt="" /></strong></p> <p> </p> <p>Nike NKE +3.1% shares jumped 13% in after-hours trading on Tuesday to an all-time high after the sneaker giant reported better-than-expected fiscal-first-quarter profit and sales, in sharp contrast to the parade of coronavirus-hastened bankruptcies and store closings hitting many of its industry peers including J. Crew, Brooks Brothers, Neiman Marcus and J.C. Penney.</p> <p> </p> <p>As nearly all of the Nike-owned stores reopened worldwide after the Covid-19-forced shutdowns, Nike said sales in the fiscal first quarter that ended Aug. 31 dipped just 1%, to $10.6 billion, and would have been flat excluding the impact of currency translations. In comparison, sales in the preceding quarter slumped by more than a third.</p> <p> </p> <p>With consumers’ increased online purchases, the Nike brand’s fiscal Q1 digital sales jumped 82% to represent nearly a third of its total business, three years ahead of the company target. Total demand in markets from Europe to China also picked up. In North America, the company’s largest market, the pace of sales decline slowed from the prior quarter as footwear sales, Nike’s largest product category, reversed the prior-quarter drop to surge 11% to nearly $3 billion.</p> <p> </p> <p>Nike’s profit also reversed the prior-quarter loss and rose 11% to $1.5 billion. Cancellations and postponement of live sporting events led to a 33% decrease of marketing and other “demand creation” spending.</p> <p> </p> <p>“These are the times when the strong can get stronger,” said John Donahoe, Nike’s president and CEO, on a conference call late Tuesday. “Sports is so healthy for the world right now.”</p> <p> </p> <p>As many others in the industry focus on “surviving,” Nike is “staying on the offense” to gain more market share, he said.</p> <p> </p> <p>With the coronavirus pandemic leading more consumers to focus on different fitness and wellness pursuits and drive demand for more virtual and at home interactive workouts, Nike, and rivals including Adidas and Lululemon, are expected to benefit from a continued spending shift toward athleisure fashion and other athletic gear, a trend that was already underway even before Covid-19.</p> <p> </p> <p>Adidas said in August that it expects its sales this quarter to “ improve materially. Lululemon this month said sales rose 2% to $903 million, as its direct-to-consumer sales almost tripled. The Vancouver company also has announced its plan to acquire interactive workout startup Mirror for $500 million in its first acquisition, in another sign well-resourced and better-performing companies can shop for deals when others are strapped for cash.</p> <p> </p> <p>The result from Nike and some of its athletic rivals paints another tale of two cities within the retail sector. Commerce Department’s latest data this month showed clothing and clothing accessories stores and department stores remained among the worst hit with sales declines of 20% and 17% respectively in August. In contrast, sporting goods and hobby retail sales rose 11%.</p> <p> </p> <p>In another telling example, designer label Ralph Lauren, hurt by decreased department-store traffic, lower luxury fashion demand and other culprits, on Tuesday announced plans to cut its global workforce, reportedly totaling 15%.</p> <p> </p> <p>For Nike, the company has doubled down on using its apps including SNKRS shoe- release app to stoke excitement and create buzz among sneakerheads while fitness apps like its Run Club helped attract and keep customers. Nike has seen one million downloads of its Run Club app each month for a fourth straight month, Donahoe said.</p> <p> </p> <p>In another sign that it’s more aggressively eyeing the athleisure apparel market that has fueled the growth of Lululemon, Nike has introduced a new yoga collection and its first “dedicated” maternity line, the company CEO said. On the shoe front, it’s updated its classic sneaker lines such as Air Max 90 with new colors and other fashion twists.</p> <p> </p> <p>“Nike is outperforming behind the unique balance of newness and heritage styles,” Stifel analyst Jim Duffy said in a recent report that shows Nike sneakers topping other brands as the most popular in his back-to-school survey of retailers. “We see Nike gaining share.”</p> <p> </p> <p>Related on <a href="https://168slotxo.com/3-slotxo-hits/">3 เกมสล็อตที่จ่ายหนัก</a></p>
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