Stock Alert: NIKE Drops 4% After Reporting Quarterly Loss

(RTTNews) - Shares of NIKE, Inc. (NKE) are falling more than 4% Friday morning after the company reported an unexpected loss in the fourth quarter as its sales were hurt by the pandemic.

Nike reported net loss of $790 million, or $0.51 per share, during the fourth quarter compared with net income of $989 million, or $0.62 per share, a year ago.

Total revenue was down 38% to $6.31 billion from $10.18 billion a year ago as the majority of NIKE-owned and partner stores in North America, EMEA, and APLA were closed due to the COVID-19 pandemic. However, the company's digital sales increased 75% percent in the quarter.

NKE stock is currently trading at $96.92. It has traded in the range of $60- $105.62 in the past 52 weeks.