Nike swings to quarterly loss due to COVID-19 impact

(Reuters) – Nike Inc on Thursday reported a fourth-quarter loss, as retailers had to shut stores for weeks due to lockdowns spurred by the COVID-19 pandemic, sending shares of the world’s largest footwear company down 3.3% in extended trading.

The company’s net loss came in at $790 million, or 51 cents per share, compared with a profit of $989 million, or 62 cents per share, a year earlier.

Revenue fell 38% to $6.31 billion in the quarter ended May 31. Analysts on average had expected $7.32 billion, according to IBES data from Refinitiv.

(Reporting by Nivedita Balu in Bengaluru; Editing by Maju Samuel)