Adidas sales plunge 85% in China as coronavirus ravages demand - Business Insider

warned on Wednesday that its sales in Greater China have plummeted 85% since January 25, compared with the same period last year.

"We have been experiencing a material negative impact from the coronavirus outbreak on our operations in China," the German sportswear titan said in a statement to Business Insider. The company added that its efforts to safeguard employees and their families, as well as cooperate with Chinese authorities, have "led to a significant number of store closures ... and a pronounced traffic reduction within the remaining store fleet."

Reebok-owner Adidas also suffered traffic declines in Japan and South Korea, but hasn't yet observed a "major business impact" beyond Greater China. However, it warned that as the situation is still evolving, and it can't yet quantify the epidemic's overall impact on its business this financial year.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

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

Adidas says business activity in China has tanked roughly 85% due to coronavirusGerman sportswear firm Adidas warned business activity in China has fallen dramatically in recent weeks. Stock up 2% Michele_ITA_EU Who are the 15% buying expensive sneakers ... they should buying masks ... lol
Source: CNBC - 🏆 12. / 72 Read more »

Adidas, Puma warn of coronavirus hit to China businessGerman sportswear makers Adidas and Puma both said on Wednesday that the coronav... Move the production lines away from China. All Fitness centers shut off until May 1 Adidas has been slacking , their sales are always poor regardless .
Source: Reuters - 🏆 2. / 97 Read more »