Adidas projects 40% decline in sales
Economy

Adidas projects 40% decline in sales

Agency News

Adidas has predicted that sales will fall by 40% in the second quarter, as the impact of the coronavirus takes hold.

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 ($5.16 billion), as 70% of its stores worldwide closed as a result of the Covid-19 pandemic.

Its first-quarter net income was 26 million euros, down 96% from the same period last year, and Adidas said that owing to uncertainty over the duration of store closures, it would be unable to offer a full-year outlook at present.

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