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Nike stock price increases 1.75 percent amid Covid-19 crisis

By Prachi Singh

6 May 2020

Business

Nike, Inc. shares rallied this morning and the share price inched up to 87.27 dollars, up 1.75 percent, from its previous close of 85.75 dollars amid the coronavirus crisis, according to a Nasdaq report. The report added that Nike’s shares have been witnessing a positive trend since mid-March and for the 52-week period, the shares have traded in a range of 60 dollars to 105.62 dollars.

For its third quarter, Nike showed resilience to the ongoing Covid-19 pandemic, with sales reaching 10.1 billion dollars, up 5 percent on a reported basis and up 7 percent on a currency-neutral basis, driven by 13 percent currency-neutral growth in Nike Direct with digital growth of 36 percent and strong growth across EMEA, APLA and North America, offset by the impact of COVID-19 on its business in Greater China. However, the company added in the third quarter report that nearly 80 percent of its stores are now open in Greater China with an even higher rate in key cities.

Nike is partnering with nonprofit Good360 in the United States and local organizations across Europe to donate more than 140,000 pieces of footwear, apparel and equipment globally for the healthcare professional combating Covid-19.

Picture:Nike gallery