After another great quarter with strong revenue despite the COVID-19 pandemic, Nike (NYSE:NKE) is moving forward with reopening stores in China, ramping up digital options, and bringing new designs to market. Next week, it's releasing its latest athletic shoe, the Air Zoom Pegasus 37.
Staying at the top
Nike has been relentless in retaining its spot as the undisputed leader in sporting shoes and apparel. Although its annual 2019 sales of $39 billion outdid that of its nearest rival, Adidas, by more than $15 billion, Nike continues to innovate in both design and strategy.
It's also been a leader in how to respond to the current situation, offering its premium subscription digital exercise app, Nike Training Club, free for users while stay-at-home orders keep gyms closed.
The new era of Pegasus
The original Pegasus sneaker was introduced in 1983 as "the shoe for every runner," and it developed a reputation as a reliable training shoe. The shoe has been remodeled many times over the past 37 years with small changes that have kept it true to the original while becoming more technologically developed.
"You want to evolve that way if you want to keep the devoted, knowledgeable runner," said Seniors Grand Masters marathon runner Joan Benoit Samuelson in a release on Nike's website. "Throughout my career, when I wasn't sure whether I was able to go the distance, the Pegasus was my go-to shoe."
Some of the changes are the new, durable React foam insole, a forefoot Zoom insole taking the place of the full foot Zoom insole, and a translucent upper for a lighter feel and look. The new shoe will be launched on April 28.