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.

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