(Breitbart) – Sports giant Nike reported a surprise loss Thursday as shutdowns due to COVID-19 prompted a big drop in revenues in spite of higher online sales.
Nike reported a loss of $790 million in the quarter ending May 31, which translated to a loss of 51 cents per share compared with analyst expectations for nine cents per share in profit.
Revenues tumbled 38 percent to $6.3 billion following huge declines in sales in most of the world.
In North America, the company’s biggest operating region, revenues plunged 46 percent to $2.2 billion.
A bright spot was online sales, with digital sales increasing 75 percent during the quarter.
The results are among the first by a major company to detail the hit from the coronavirus during the period of peak shutdowns. Nike is on a different fiscal calendar than most other large companies, with its fourth quarter ending May 31.
The second-quarter earnings period, which covers the quarter ending June 30, will begin in mid-July.
Flashback: Cop-Hater Colin Kaepernick Wins Emmy For Outstanding Commercial For His America-Bashing Nike Ad
Nike’s controversial “Dream Crazy” ad, narrated by and starring former NFL quarterback Colin Kaepernick, won an Emmy Award for best commercial at the Creative Arts Emmy Awards on Sunday.
The commercial, which first aired in September, features Kaepernick waxing philosophical about the nature of sports, human achievement, and social justice.
The commercial climaxes with the former San Francisco 49ers quarterback saying, “Believe in something even if it means sacrificing everything.” He concludes the commercial saying, “Don’t ask if your dreams are crazy. Ask if they’re crazy enough.”
Nike’s commercial was nominated alongside spots from Apple, Netflix, and Sandy Hook Promise.
“Dream Crazy” was created by the agency Wieden+Kennedy, which says on its official site that the spot “focuses on a collection of stories that represent athletes who are household names and those who should be. The common denominator: All leverage the power of sport to move the world forward.”
Colin Kaepernick became infamous for kneeling during the National Anthem when he was the quarterback for the San Francisco 49ers.
His involvement with the Nike commercial caused a backlash when the spot first aired, with President Donald Trump questioning why Nike chose to spotlight the controversial athlete.
What was Nike thinking?
— Donald J. Trump (@realDonaldTrump) September 7, 2018
Since leaving the NFL, Kaepernick has devoted himself to social justice activism.
He objected to Nike’s Betsy Ross flag-themed shoe in July, causing the sports apparel company to withdraw the shoe.