Coronavirus brings Adidas sales collapse in China

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first_imgRead Also: Sport will rebound in China but coronavirus exposes flawsDespite the novel coronavirus’ spread to some other countries in the region, “we have not yet observed any major business impact outside of Greater China,” the company said.Looking ahead, Adidas said it could not predict how big the impact of the virus would be on its annual results.Bosses will provide an update when the company releases its 2019 earnings data on March 11, it added. German sportswear maker Adidas said Wednesday store closures in China had brought plummeting sales since the beginning of the novel coronavirus outbreak in late January.A meltdown in Chinese sales for Adidas“Our business activity in Greater China has been around 85 percent below the prior year level since Chinese New Year on January 25,” the Bavarian company said in a statement.Adidas said it faced “a significant number of store closures” on its roster of 500 owned stores and 11,500 franchises in China, while many fewer people are shopping at those which remain open.The group’s “Greater China” region, which includes Taiwan and Hong Kong, has for years been one of the fastest-growing areas of the world for Adidas sales.And the Asia-Pacific region as a whole accounted for around one-third of Adidas’ 6.4 billion euros ($6.9 billion) in revenues in the first nine months of 2019. FacebookTwitterWhatsAppEmail分享 Loading… Promoted ContentTop Tastiest Foods From All Over The World7 Of The Wealthiest Universities In The World10 Risky Jobs Some Women DoTop 10 Most Romantic Nations In The World8 Most Interesting Sylvester Stallone MoviesBirds Enjoy Living In A Gallery Space Created For ThemCan You Recognize These Cute Celeb Baby Faces?15 Most Astonishing Staircases In The World8 Things That Will Happen If An Asteroid Hits EarthThe Best Cars Of All TimeEver Thought Of Sleeping Next To Celebs? This Guy Will Show YouBest & Worst Celebrity Endorsed Games Ever Madelast_img

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