Just when you think that Covid-19 is having a negative impact on all the sales, especially when most of the retailer shop is closed during pandemic but Nike just beat the odds and proven that wrong. In case you’re wondering where the sales is from, Nike has done this thanks to a rise in online shoppers.
The Business of Fashion reported earlier this week that Nike’s digital sales climbed by more than 30% in Greater China, while physical sales dropped by 5% in the same quarter due to store closures.
In case you didn’t know, the sportswear giant was forced to close their retailer stores throughout the United States and Europe as coronavirus’ threat grew. Probably due to that, people gets bored at home and they do more online shopping and thus this contributes to the earning grow from the online sales.
Meanwhile in China, it is reported that 80% of Nike’s stores in China have reopened, with its current-quarter sales expected to be flat in the region.
According to Refinitiv IBES data, Nike’s total revenue rose by 5.1% to $10.10bn USD in Q3, surpassing the $9.8bn USD expectations set by analysts.