The sportswear brand posted a 38% drop in revenue to $6.3bn (£5.1bn) in its fourth quarter, as 90% of its store network across the Americas, Europe and Asia were forced to close for approximately eight weeks because of coronavirus.

Although online sales jumped 75% during this time and accounted for 30% of overall revenue, this was insufficient to offset the hit to sales caused by store closures, as wholesale shipments fell by half.

Gross margin declined 820 basis points during the quarter as higher average selling prices were offset by factors including factory cancellation charges.