NIKE, Inc. Provides Update on Impact of Coronavirus in Greater China
February 04 2020 - 4:40PM
Business Wire
In the context of the evolving dynamics related to the
coronavirus in China, NIKE, Inc. (NYSE:NKE), is prioritizing the
health and safety of our teammates and partners, in cooperation
with local authorities. Similar to others in the marketplace,
approximately half of NIKE-owned stores have been temporarily
closed, with corresponding dynamics across our partner stores. In
addition, we are operating with reduced hours and experiencing
lower than planned retail traffic in stores that do remain open. In
the short term, we expect the situation to have a material impact
on our operations in Greater China. However, NIKE’s brand and
business momentum with the Chinese consumer remains strong, as
reflected in the continued strength of our NIKE digital commerce
business.*
“First and foremost, our thoughts are with the people affected
and we remain focused on the health and safety of our teammates and
partners,” said John Donahoe, President and CEO of NIKE, Inc.
“Despite this difficult situation, NIKE’s long-term opportunity to
continue to serve consumers in Greater China with inspiration and
innovation remains exceedingly strong. At the same time, we
continue to have extraordinary brand and business momentum in all
other geographies.”*
This situation was not contemplated at the time we provided Q3
guidance during our Q2 fiscal year 2020 earnings call. Dynamics
continue to evolve and accordingly we will provide an update on the
operational and financial impacts on our Q3 earnings call.*
About NIKE, Inc.
NIKE, Inc., based near Beaverton, Oregon, is the world's leading
designer, marketer and distributor of authentic athletic footwear,
apparel, equipment and accessories for a wide variety of sports and
fitness activities. Converse, a wholly-owned NIKE, Inc. subsidiary
brand, designs, markets and distributes athletic lifestyle
footwear, apparel and accessories. For more information, NIKE,
Inc.’s earnings releases and other financial information are
available on the Internet at http://investors.nike.com. Individuals
can also visit http://news.nike.com and follow @NIKE.
* The marked paragraph contains forward-looking statements that
involve risks and uncertainties that could cause actual results to
differ materially. These risks and uncertainties are detailed from
time to time in reports filed by NIKE with the U.S. Securities and
Exchange Commission (SEC), including Forms 8-K, 10-Q and 10-K.
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532-8877
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