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Revenue development reflected the stages of the disease outbreak globally, with sales falling 58% in China, where the outbreak began, and deflation followed elsewhere.
The company added that it incurred millions of costs in product recoveries to manage inventory. She said her revenue started to pick up in China during the first three weeks of April after the quarter ended, as global e-commerce revenue showed another major acceleration.
E-commerce increased with the expansion of closures to contain the emerging corona virus in March, increased by 55% in March, and continued to increase.
However, the closure of stores in Europe, North America, Latin America, emerging markets, Asia Pacific and Russia and the former Soviet Union means that revenue development has been “severely affected”.
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Net profit from continuing operations decreased 97 percent to just € 20 million, compared to € 631 million in the same period last year.
The company, based in the German city of Herzogen Aurach, said on Monday that first-quarter revenue fell 19 percent.
“Our first quarter results reflect the serious challenges posed by the Coronavirus outbreak, including for healthcare companies,” said Casper Roarsted, CEO of Adidas.
Revenue development reflected the stages of the disease outbreak globally, with sales falling 58% in China, where the outbreak began, and deflation followed elsewhere.
The company added that it incurred millions of costs in product recoveries to manage inventory. She said her revenue started to pick up in China during the first three weeks of April after the quarter ended, as global e-commerce revenue showed another major acceleration.
E-commerce increased with the expansion of closures to contain the emerging corona virus in March, increased by 55% in March, and continued to increase.
However, the closure of stores in Europe, North America, Latin America, emerging markets, Asia Pacific and Russia and the former Soviet Union means that revenue development has been “severely affected”.
