There are now 31,424 confirmed cases of coronavirus worldwide and at least 638 people have died, according to the latest figures from the World Health Organization (WHO).

Nike generated $6.2 billion in sales in the region last year, up from $2.6 billion in 2014.

"Now, consistent with what’s going on right now, roughly half of our stores in China, both our Nike-owned stores and partner stores, are temporarily closed and those that are open are operating under reduced hours," Donohoe told Sara Eisen on CNBC’s Closing Bell programme.

"And so, there’s lower traffic, and that’s why we announced there will be a reduction in our China results this quarter.

"But what I will tell you from my time there only three weeks ago is the Chinese consumer has a deep connection with Nike and a deep connection with our innovation.

"And so, we remain very confident around China as an important opportunity and market in the medium to long-term.

"And we’re hopeful that the situation there resolves itself over the coming weeks and we’ll stay close."

Nike has 11 contracted factories and hundreds of thousands of workers in China, which produces around 23 per cent of the company’s footwear and 27 per cent of its apparel,

Donohoe claimed so far it the crisis had not hit Nike's production yet.

"Well, not significantly yet," he said. 

"But we’re keeping a close eye on it.

"As you said, we have a global supply chain.

"And so, we’re just looking to see how we can balance that supply chain with the various demand factors around the world."

Nike's big rival Adidas has also closed stores in China.

The German company claimed it is too early to assess the negative impact on its operations there,