adidas: coronavirus pandemic weighs on first-quarter results

(CercleFinance.com) - adidas said its revenues fell by 19% in the first quarter, as the global spread of the coronavirus led to multiple store closures.


The world's second-biggest sporting goods maker after Nike said its revenues fell to 4.75 billion euros in the first three months of the year, compared to 5.88 billion euros a year ago.

Net income from continuing operations literally collapsed, dropping 97% to 20 million euros from 631 million euros in the first quarter of 2019.

adidas - for which over 70% of its stores worldwide are currently closed - said currency-neutral sales are projected to fall by over 40% in the second quarter, with it set to make an operating loss.

In its statement, the Herzogenaurach-based company said that it is not able to provide an outlook for full year 2020 due to the coronavirus impact.

Despite these poor results, adidas shares rose by 3% on Monday morning, outperforming a 2% gain in Germany's blue-chip DAX index.

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