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Adidas takes 1Q hit, expects 2Q to be worse

CNBC 04/27/2020

Adidas reported a 19 percent decline in net sales for the first quarter as 70 percent of its company-owned stores were closed as a result of the novel coronavirus pandemic. The athletic wear company is forecasting a 40 percent drop in sales during its second quarter. CEO Kasper Rorsted expects that Adidas’ business will rebound quickly once stay-at-home orders are relaxed in the U.S. and other countries. “The personal exercise, as soon as people are allowed to go outside, I think that will grow very quickly because having spent six, eight, 10 weeks inside, I think that desire to go out and move is going to be quite outspoken,” he said.

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