Net profits fell to €31 mil, down from €632 mil in 2019. FMTNews Adidas
FRANKFURT: German sportswear maker Adidas on Monday reported first-quarter profits slashed 95%, blaming the collapse in sales inflicted by the coronavirus pandemic.
“Our results for the first quarter speak to the serious challenges that the global outbreak of the coronavirus poses even for healthy companies,” chief executive Kasper Rorsted said in a statement. Even as sales there have begun to rebound, closures across much of the rest of the world — amounting to more than 70% of Adidas’ total network — mean the group “is still not able to provide an outlook for the full year 2020”.
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