The coronavirus outbreak in China is impacting Nike’s business forcing it to shut down half of stores in the country. The brand could fall short of its earnings consensus for its third fiscal quarter by as much as 15 cents per share due to store closures across China in response to the coronavirus outbreaks.

However, despite the difficult situation, Nike’s long-term opportunity to continue to serve consumers in Greater China with inspiration and innovation remains exceedingly strong. China has been one of the biggest growth markets for Nike, and the world's largest sportswear maker has relied heavily on the spending power of Chinese consumers to counter slowing sales growth in North America.