Economy will see ‘Nike swoosh’ recovery in next year: Investment strategist
Yardeni Research President Ed Yardeni discusses the impact of new coronavirus cases on the economy and the future of the markets.
Nike Inc on Friday warned of job cuts as the world’s largest footwear-maker ramps up efforts to sell directly to customers through its online and retail channels.
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The planned layoffs come after the company on Thursday reported a $790 million quarterly net loss, its first in more the two years, as its wholesale business bore the brunt of footwear retailers and department stores shutting down due to the coronavirus outbreak.
NIKE POSTS $790M LOSS AFTER CORONAVIRUS PANDEMIC SHUTTERED STORES
Shares of the Dow component were down 6% in morning trading on Friday.
“We are shifting resources and creating capacity to reinvest in our highest potential areas, and we anticipate our realignment will likely result in a net loss of jobs,” Nike said in an e-mail statement.