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NKE - Nike Inc News Story

$135.93 2.3  1.7%

Last Trade - 14/05/21

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £152.36bn
Enterprise Value £150.15bn
Revenue £27.32bn
Position in Universe 43rd / 6846

BREAKINGVIEWS-Capital Calls-ASOS prepares for Roaring Twenties

Thu 8th April, 2021 10:23am
(The author is a Reuters Breakingviews columnist.  The opinions
expressed are their own.)
    LONDON, April 8 (Reuters Breakingviews) - Concise insights
on global finance in the Covid-19 era.
 
    -------------------------------------------------
NEW WARDROBE. ASOS  ASOS.L  is preparing to reap the benefits of
a return to the Roaring Twenties. Chief Executive Nick Beighton
reckons the UK online retailer’s loyal army of 20-something
shoppers will splash out on new wardrobes as the country shakes
off the pandemic and pubs and restaurants reopen, triggering a
spending splurge similar to that after the Spanish flu.  
    A new look is needed. The 6 billion pound fast fashion
retailer last year enjoyed a surge in demand for tracksuits and
loungewear, which rose to 41% of all sales from 30%, helping to
deliver a 275% increase https://www.asosplc.com/~/media/Files/A/Asos-V2/reports-and-presentations/2021/interim-results-statement.pdf
 in adjusted pre-tax profit for the six months ending Feb.
28. But that will start to tail off as people return to offices
and pubs reopen. The hope is that sales of “occasionwear” such
as frocks and suits, which suffered last year, will now rebound.
ASOS shares are already up nearly 20% since the beginning of the
year, outperforming tracksuit and trainer giant Nike  NKE.N ,
which is down 2% in the same period. Not everyone can enjoy the
reopening party. (By Aimee Donnellan)
    
    On Twitter http://twitter.com/breakingviews
    
    Earlier in Capital Calls:
    
    China small business credit poses property puzzle
 urn:newsml:reuters.com:*:nL4N2M10O8
    Autonomous trucks hit the IPO road  urn:newsml:reuters.com:*:nL1N2M02C9
    Clubhouse’s VIP ambitions  urn:newsml:reuters.com:*:nL1N2M018X
    Tencent sale buffs Naspers’ golden cage  urn:newsml:reuters.com:*:nL8N2M03CJ
    Italian motorway saga offers new twist  urn:newsml:reuters.com:*:nL4N2M02OD
     

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| Editing by Neil Unmack and Oliver Taslic)
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