Nike's Digital Sales Surged 82% in the First Quarter

By Sheridan Fifer

A few years ago, Nike began reducing its dependence on department stores and wholesale outlets. Instead, the company focused its efforts on opening pickup hubs for online orders, as well as flagship locations. A strong digital strategy and the coronavirus pandemic combined to push Nike's online sales up 82% in the first quarter. Nike CEO John Donahoe expressed confidence that the pandemic-related shift in consumers' shopping habits is long-term, and that Nike will continue to reap the benefits of its digital transformation. Analysts are already predicting that Nike's online sales could soon account for 50% of its total revenue. 

Before the Covid-19 crisis, Nike had set a goal of having its e-commerce sales represent 30% of total revenue by 2023. But it has already exceeded that.

Read the full story at CNBC.