It must be bitter sweet news to President Donald Trump to hear that Nike, the company that makes heroes of anthem-kneeling athletes, just posted terrible 2nd quarter numbers.
Like unbelievably terrible losses.
Sure Trump is the most pro-economy president in recent history and it’s unlikely he wants any Americans to lose their jobs, but Nike’s recent political choices certainly run afoul of President Trump’s agenda and rhetoric.
Nike, according to Breitbart News, “reported a loss of $790 million in the quarter ending May 31, which translated to a loss of 51 cents per share compared with analyst expectations for nine cents per share in profit.”
Revenues tumbled 38 percent to $6.3 billion following huge declines in sales in most of the world. In North America, the company’s biggest operating region, revenues plunged 46 percent to $2.2 billion. A bright spot was online sales, with digital sales increasing 75 percent during the quarter. The results are among the first by a major company to detail the hit from the coronavirus during the period of peak shutdowns. Nike is on a different fiscal calendar than most other large companies, with its fourth quarter ending May 31. The second-quarter earnings period, which covers the quarter ending June 30, will begin in mid-July. Shares of Nike fell 3.7 percent ot $97.61.
To read more about Nike’s abysmal numbers, click here.