Beavertown, Oregon — Nike, the global footwear company, had total net sales of $10.1 bn in the third quarter 2019 up 5.1% on the same period last year.
Gross Profit across the business rose 3.1% and reached $4.5 bn in the third quarter.
Online sales were up 13% in the quarter from its Nike Direct business. Digital sales grew 36% and strong growth across EMEA, Asia-Pacific, Latin America and North America. But this growth was offset by the impact of coronavirus on our business in Greater China. Digital sales in Greater China increased more than 30% while brick and mortar retail sales were hit by temporary store closures there.
John Donahoe Nike CEO said: 'As we start to see recovery in China, no one is better equipped than Nike to navigate the current climate.'
Nike said that Greater China revenues were down 4% in the quarter after 22 consecutive quarters of double-digit growth. The company added in the late March earnings statement that 'at the peak in February, roughly 75% of Nike-owned and partner stores in Greater China were closed with others operating on reduced hours. Currently, nearly 80% of stores are open in Greater China with an even higher rate in key cities. Beginning March 16th, all Nike-owned stores, outside of Greater China, Japan and Korea were closed to help curb the spread of coronavirus.'