Nike lost Jayme Martin and Trevor Edwards, two prestigious executives within the company, last week. They were forced out of the company due to internal surveys that reported misconduct around the workplace. After severing ties with the two executives, Nike had one more piece of unpleasant news to release. The popular sneaker and apparel company reported its 2018 Q3 earnings on Thursday, which reveals a net loss of $921 million. It is the first time Nike has reported a loss since May 1998, just about twenty years ago.
According to Sole Collector, Nike claims that the large net loss was “driven by the enactment of the Tax Act.” Trump’s tax act, which rewards companies that do business in the US and not overseas, hit Nike with a one-time payment of $2 billion on all foreign earnings.
Without the heavy tax fine, Nike would have made a large amount of profit in Q3. The company reports that Nike Inc. revenue increased seven percent to $9 billion. That includes $8.5 billion from the Nike brand and $483 million from Converse. The increase was bolstered by success in Greater China, Europe, the Asian Pacific, the Middle East, Africa, and Latin America.
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