Nike was having a good year before the pandemic struck. While the company touted the valuable lessons it learned in China dealing with the outbreak before it reached the U.S., it wasn't enough to insulate it completely from the effects of mass store closings and reduced demand. Before the coronavirus pandemic, Nike's sales were up 9%. Now, they are down 4% for the full year.
Despite the setback, Nike is still focused on the future, which will entail more online sales, and more of its own stores.