Adidas has predicted that sales will fall by 40% in the second quarter, as the impact of the coronavirus takes hold.
Adidas on Monday reported a 19% decline in net sales for the first quarter from the year before to 4.75 billion euros , as 70% of its stores worldwide closed as a result of the Covid-19 pandemic.
The German sportswear giant on Monday reported a 19% decline in net sales for the first quarter from the year before to 4.75 billion euros , as 70% of its stores worldwide closed as a result of the Covid-19 pandemic. E-commerce — which it described as "the only channel that has remained fully operational in most parts of the world" — rose 35%, but failed to offset the loss from pandemic-induced lockdowns around the world.
CEO Kasper Rorsted told CNBC that despite the current situation, the sporting goods industry would emerge favorably over the medium-term due to increased focus on health and fitness around the world.
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Adidas expects sales to fall at least 40% in second quarterGerman sportswear firm Adidas expects to take a bigger hit from the coronavirus lockdowns in the second quarter, predicting that sales will fall more than 40% after it reported a decline of 19% in the first quarter.
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