Nike reported an unexpected quarterly loss - its first in more than two years - hurt by closures of department and retail stores due to lockdowns spurred by the Covid-19 pandemic. Revenue fell 3% in the Greater China region, while they plunged nearly 47% in North America. The wholesale business, through which Nike sells merchandise to other retailers, came to a halt amid the health crisis. That led to a 50% fall in shipments, increased inventory and higher costs due to order cancellations. As a result, gross margin fell 820 basis points in the fourth quarter, when company-owned stores and other retailers were closed for nearly eight weeks. Nike’s net loss came in at 51 cents per share and revenue fell 38% to $6.31bn.