Stock Alert: Nike Inc.

(RTTNews) - Nike Inc. (NKE) is currently trading at $88.28, up $2.53 or 2.95%, on the NYSE. The stock has witnessed nearly 13% drop in stock price since January, largely due to the ongoing coronavirus crisis.

Meanwhile, the shares have been on a positive trend since mid-March. For the 52-week period, the shares have traded in a range of $60-$105.62.

The ongoing COVID-19 pandemic has made a severe dent on the sports apparel industry. All major retailers have been forced to close their stores across the globe, especially in Europe and the U.S., one of the key markets for these apparel companies. It is still unclear when they would be able to open the stores again.

The apparel industry has been further hurt by the cancellation of all major sporting events including football and basketball leagues, Olympics and Euro Cup. These sporting events would have made a significant contribution to the top line of sports apparel makers.

Nike has more than 1,100 branded stores globally and almost all of the company's growth last year came from direct to consumer sales at its retail stores, factory outlets and Nike.com.

China, which is Nike's most profitable geographical segment, has almost fully recovered from coronavirus pandemic. Nike will be releasing its full-year results in June.