How’s the boycott working out for ya?
Courtesy of Market Watch:
Talk of Nike Inc. sales taking a hit from the company’s decision to put ex–NFL player Colin Kaepernick at the center of its latest “Just Do It” campaign is looking overblown, based on data from a Silicon Valley digital commerce research company.
After an initial dip immediately after the news broke, Nike’s NKE, -0.12% online sales actually grew 31% from the Sunday of Labor Day weekend through Tuesday, as compared with a 17% gain recorded for the same period of 2017, according to San Francisco–based Edison Trends.
“There was speculation that the Nike/Kaepernick campaign would lead to a drop in sales, but our data over the last week does not support that theory,” said Hetal Pandya, co-founder of Edison Trends.
Nike’s stock has also held up after its initial slump. The stock was up 1% on Friday and remains in the black for the month. It has gained 29% in 2018, while the Dow Jones Industrial Average DJIA, -0.31 %, which since 2013 has counted Nike as a member, has gained 5%, as the S&P 500 index SPX, -0.22% has risen about 8%.
I wonder if this was driven by progressives suddenly buying Nike shoes to show their support for their stance on NFL protesting, or if it was just rednecks suddenly having to buy new shoes to replace the ones they set on fire?
Either way, it appears that the rapidly dwindling number of Trump supporters are simply not enough to negatively affect the sales of companies that piss them off anymore.