Beavertown, Oregon — Sales at global sports footwear giant Nike were $37.4bn in 2020, down 4.4% on the previous financial year. EBIT across the business fell by 39.9% to $2.9bn in 2020, from $4.8bn in 2019.
The company said that sales grew in the first nine months of 2020, but this was more than offset by a 38% decline in the fourth quarter because of the impact of coronavirus. There was growth in China in the quarter, but this was offset by falls in all other markets.
Lower sales fed through to lower earnings for the year. Despite the closure of its physical stores, its online Nike-Brand was open and grew by 50% in the fourth quarter in each of its regions
‘We are uniquely positioned to grow, and now is the time to build on Nike's strengths and distinct capabilities,’ said CEO John Donahoe. ‘We are continuing to invest in our biggest opportunities, including a more connected digital marketplace, to extend our leadership and fuel long-term growth.’