Adidas, Puma warn of coronavirus hit to China business

) both said on Wednesday that the coronavirus outbreak was hurting their business in China due to store closures and fewer Chinese tourists traveling and shopping in other markets.

Adidas said in a statement that its business in the Greater China area had dropped by about 85% year-on-year in the period since Chinese New Year on January 25. Adidas sells its products from about 12,000 stores in China, most of them franchises plus less than 500 own-operated stores.

But the share price is up 1.8% today and is near the 52-week high.

All Fitness centers shut off until May 1

Adidas has been slacking , their sales are always poor regardless .

Move the production lines away from China.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Walmart breaks down how the coronavirus has hit its $10 billion business in China - Business Insider'Our primary focus is of course on our associates and our customers,' Walmart CEO Doug McMillon told investors.
Source: BusinessInsider - 🏆 729. / 51 Read more »