- Title: Adidas sees $1.1 bln coronavirus hit to China sales
- Date: 11th March 2020
- Summary: ADIDAS POSTER "70 YEARS OF ADIDAS"
- Keywords: adidas china coronavirus hit down drop losses sales
- Reuters ID: LVA003C4LWCJX
- Location: UNKNOWN LOCATION / HERZOGENAURACH, GERMANY / LONDON, ENGLAND, UK / NEW YORK, N.Y., USA
- City: UNKNOWN LOCATION / HERZOGENAURACH, GERMANY / LONDON, ENGLAND, UK / NEW YORK, N.Y., USA
- Country: Germany
- Duration: 00:00:04
- Aspect Ratio: 16:9
- Topics: Company News Markets,Economic Events
- Story Text: German sportswear makers Adidas and Puma warned on Wednesday (March 11) of a major decline in sales in China due to the coronavirus and said while there were early signs of improvement there the impact had spread to other markets.
Shares in Adidas and Puma, already pummelled in the last few weeks, were down 6% and 4.4% respectively at 0951 GMT.
Adidas stock was at one-year lows.
Adidas said it expected first-quarter sales to drop by up to 1 billion euros ($1.14 billion) in greater China and operating profit to decline by between 400 million and 500 million.
For the group as a whole, it expects first-quarter sales to fall more than 10%, including the China hit and a drop of about 100 million euros in Japan and South Korea, while the rest of the world should grow a currency-neutral 6% to 8%.
(Production: Adidas, Reuters, Michele Sani)
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- Embargoed:25th March 2020 10:27
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