Adidas says business activity in China has tanked roughly 85% due to coronavirus

  • 📰 CNBC
  • ⏱ Reading Time:
  • 54 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 72%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

German sportswear firm Adidas warned business activity in China has fallen dramatically in recent weeks.

warned business activity in China has fallen dramatically in recent weeks, citing a material negative impact from the coronavirus outbreak.

The world's second-largest economy is a key sourcing hub for the industry, with many sneakers produced in China and other Asian countries. Since Lunar New Year on Jan. 25, the company said Wednesday that a "pronounced traffic reduction within the remaining store fleet" had seen business activity tumble roughly 85% when compared to the same period a year earlier.Adidas said it had also seen some traffic declines in other markets, predominantly Japan and South Korea, but it had not yet observed any major business impact outside mainland China.

Adidas has said it will provide more details about the financial impact of the coronavirus when it releases full-year results on March 11.Earlier this month, Adidas had warned investors it was currently experiencing a negative impact on its operations in China. It has since reaffirmed its position that it is "too early" to assess the magnitude of the financial impact of the outbreak.that the coronavirus had "negatively impacted our business since the beginning of February.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

😩

Who are the 15% buying expensive sneakers ... they should buying masks ... lol

Michele_ITA_EU

Stock up 2%

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

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

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 »