I could be wrong, but I highly doubt that level of loss is primarily from the kung flu. They're not going to openly admit that they fucked up by going woke and then going broke.
Retail stores were closed for months, gyms were closed for months, parks were closed for months. There was very very little demand to purchase additional workout gear. This is primarily China virus not virtue signaling.
I've personally never seen so many people working out outside before. Not to mention Nike has an online presence.
Also, from what the CEO said:
Part of the massive loss is due to the effects of the coronavirus response, the report said; however, Nike CEO John Donahoe said that “layoffs were not related to the pandemic.”
The layoffs, according to the CEO, are part of an effort to restructure an “overburdened matrix,” according to Complex’s knowledge of an internal email sent from Donahoe.
It sounds like there are far deeper (long-term) financial losses that are leading them to do all that.
This is from the virus not from people waking up
I could be wrong, but I highly doubt that level of loss is primarily from the kung flu. They're not going to openly admit that they fucked up by going woke and then going broke.
Retail stores were closed for months, gyms were closed for months, parks were closed for months. There was very very little demand to purchase additional workout gear. This is primarily China virus not virtue signaling.
I've personally never seen so many people working out outside before. Not to mention Nike has an online presence.
Also, from what the CEO said:
It sounds like there are far deeper (long-term) financial losses that are leading them to do all that.
analyst forecasts factored in the china virus and they still missed earnings expectations by orders of magnitude