Nike's Digital Sales Are Leading the China Business Back to Growth
As expected, Nike's (NYSE: NKE) business in China suffered in the fiscal third quarter ending in February due to the COVID-19 outbreak. Nike reported worldwide revenue growth of 7% excluding currency changes, but China saw sales decline by 4% year over year.
Investors already expected results to be weak, given the drop in the share price. But what investors may not have expected is how quickly Nike's China business is recovering. During the recent investor call, CFO Andy Campion stated that the company's China business has already moved passed the recovery phase to a period of "normalization," which Campion credited to Nike's digital sales initiatives.
Nike is providing the digital tools to help people work out from home with its apps. Image source: Nike.
Source Fool.com
