FRANKFURT, April 27 — German sportswear maker Adidas today reported first-quarter profits slashed 95 per cent, blaming the collapse in sales inflicted by the coronavirus pandemic. Net profits fell to €31 million (RM146 million), down from €632 million in January-March 2019 and a fraction of...
The Adidas logo is pictured during celebrations for German sports apparel maker Adidas’ 70th anniversary at the company's headquarters in Herzogenaurach, Germany, August 9, 2019. — Reuters pic
Net profits fell to €31 million , down from €632 million in January-March 2019 and a fraction of forecasts from analysts surveyed by Factset. As the virus spread across the world, the group was forced to close stores beginning in vital growth market China. “Both top- and bottom-line declines in the second quarter of 2020 are currently expected to be more pronounced than those recorded in the first quarter,” Adidas said, forecasting a slump in currency-adjusted sales of “more than 40 per cent” and an operating loss.
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