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COVID-19 has caused numerous retail chains to close temporarily, including Apple, Macy's and Nike. Here is a look at some of the closures. Wochit

Nearly all of the footwear giant's retailing stores were closed for two thirds of the fiscal fourth quarter.

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China, one of Nike's biggest markets, is growing again following a rare decline last quarter. But that rebound wasn't enough to save the footwear and apparel giant from reporting a sharp COVID-19-related global sales drop in the fiscal fourth quarter.

That period covers March, April, and May, and so it spanned the reopening of retailing in China and the maximum social-distancing efforts that followed in North America and Europe. Those moves pushed revenue down 38% for the quarter, Nike said on Thursday afternoon.

Sales in the U.S. market were down 46%, Europe was lower by 44%, and China notched a slight 1% uptick. The overall decline pressured gross profit margin and sparked significant inventory write-down charges. As a result, Nike posted a $790 million loss for the period.

Macy's jobs cut: Demitrios Kalogeropoulos owns shares of Nike. The Motley Fool owns shares of and recommends Nike. The Motley Fool has a disclosure policy.

The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.

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