Nike swings to quarterly loss on COVID-19 impact; shares fall

(Reuters) - Nike Inc on Thursday reported a loss for the fourth quarter, as retailers had to shut stores for weeks due to lockdowns spurred by the COVID-19 pandemic, sending shares of the world's largest footwear company down 3.5%.The company's wholesale business, through which it sells merchandise to department stores and footwear retailers, saw a 50% fall in product shipments in the quarter.Retailers have suffered due to store closures brought in place by government-led lockdowns, forcing..