Experts Say Nike Could Lose $3.5 Billion USD in Q4 2020 Revenue Due to COVID-19

Coronavirus has lead to all its U.S. stores shutting.

By
Fashion 
8,142 Hypes 6 Comments

The Business of Fashion has reported that Nike could be facing revenue losses of $3.5 billion USD in Q4 2020 due to the widespread impact of coronavirus.

COVID-19 has already forced Nike to shut all of its U.S. stores, as well as some in Canada, New Zealand, Australia, Western Europe and elsewhere. The brokerage Cowen has estimated that the pandemic will see Nike lose billions, resulting in a 34% decline in Nike’s revenue and a loss of four cents per share.

As stated in The Business of Fashion’s report, Nike’s stock has lost a third of its value since the start of 2020. Nike has experienced difficulties within its supply chain, and has witnessed a knock-on effect following the NBA‘s decision to suspend this season.

Other estimates come from the likes of London-based Woozle Research, which expects Nike to lose more than $5.5 billion in revenue in the next three to six months.

In other news, Tokyo Fashion Week FW20 is expected to be live-streamed online.

Read Full Article

What to Read Next

Rakuten Fashion Week Tokyo FW20 to Be Live-Streamed Online
Fashion

Rakuten Fashion Week Tokyo FW20 to Be Live-Streamed Online

Following its coronavirus-caused cancelation.

RAMMELLZEE x Supreme Spring 2020 Collection
Fashion

RAMMELLZEE x Supreme Spring 2020 Collection

An expansive tribute to the late, great Queens artist, featuring new sweatsuits, tees and more.

Virgil Abloh's Off-White™ Drops Familiar-Looking Black Holes Sunglasses
Fashion

Virgil Abloh's Off-White™ Drops Familiar-Looking Black Holes Sunglasses

This angular pair sports a unique hole pattern.


Amazon is Hiring 100,000 New Employees to Support Increased Demand
Tech

Amazon is Hiring 100,000 New Employees to Support Increased Demand

At the same time raising its hourly pay rates.

Nicki Minaj Becomes First Female Rapper To Amass $100 Million USD
Music

Nicki Minaj Becomes First Female Rapper To Amass $100 Million USD

The wealthiest in hip-hop history.

SOPHNET. Lenses SS20 Lookbook Amid Colorful Sporting Grounds
Fashion

SOPHNET. Lenses SS20 Lookbook Amid Colorful Sporting Grounds

Smart, semi-technical layers.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. By adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.