Nike Inc. NKE, -0.97%
says it has temporarily closed about half of its stores in China
because of the coronavirus outbreak. The company said its remaining open
stores are operating with reduced hours and have experienced lower than
expected retail traffic. “In the short term, we expect the situation to
have a material impact on our operations in Greater China,” the company
said in a statement. “However, Nike brand and business momentum with
the Chinese consumer remains strong, as reflected in the continued
strength of our Nike digital commerce business.” Nike shares are up 22%
over the past year, while the broader S&P 500 SPX, +0.94% is up 20.5% the past 12 months. Nike shares were flat in after-hours trading.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.