Nike was on a tear in its fiscal 2020, with revenue up 7% during the first nine months of the period. Then came the coronavirus. Sales at the world’s largest purveyor of athletic footwear and apparel plunged 38% in the fourth quarter of its fiscal year as retail stores closed, supply chains were disrupted, and sporting events were canceled. CEO John Donahoe, who had only been in the top job since January 2020, continued the company’s drive into e-commerce—a move that helped soften the blow of COVID-19. Digital sales increased nearly 50% for the fiscal year to $5.5 billion.
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