BERLIN (Business) – Adidas anticipates that the coronavirus lockdowns in the second quarter sales drop of approximately 40% after it reported a decline of 19% in the first quarter.
70% of Adidas’ stores are closed worldwide, with a 35% rise in e-commerce in the first quarter only partially offsetting lost sales, a drop of 4.753 billion euros in the quarter, below average analyst forecasts.
Adidas’ operating profit fell 93% to 65 million euros, also missing analyst forecasts. Due to the uncertainties around how long the Adidas’ stores would stay closed, it is not able to provide an entire year’s outlook.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.
