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Nike financially ‘hammered’ by Covid-19 but Knight optimistic for sport’s comeback

Nike co-founder Phil Knight presents Motion Bracket championship trophy to Duke Blue Devils (Photo by Brian Murphy/Icon Sportswire via Getty Images)

Nike underperformed Wall Street expectations by more than $900m ($762.8m) in the quarter to May 31 because of the impact of the Covid-19 pandemic, according to the company’s co-founder and chairman emeritus Phil Knight.

Speaking to CSM Sport & Entertainment’s non-executive chairman Sebastian Coe on the brand experience agency’s latest Extraordinary Tales in Extraordinary Times podcast, Knight explained that while analysts had predicted a $130m profit for the period, the result was a loss of $790m.

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