Adidas misses forecasts with 93% profit plunge, warns on sales [Yahoo! Finance News]
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Source: Yahoo! Finance News
Outbreak of the coronavirus disease COVID-19) in BerlinBERLIN Reuters) - Adidas reported a 93% plunge in first-quarter profit and sales off 19%, missing forecasts, and warned of a deeper hit to second-quarter revenue as lockdowns forced the German sportswear maker and other retailers to close stores.First-quarter operating profit fell to 65 million euros, well short of the 263 million expected by analysts.Adidas said it had taken a hit of around 250 million euros on unsold stock in greater China, purchase order cancellations and higher bad debt provisions.Sales fell 19% to 4.75 billion euros versus 4.85 billion forecast by analysts, Refinitiv Eikon data showed, and the company warned of a possible 40% fall in the seond quarter.Adidas shares were down 1.2% in early trade and have fallen more than a third since the coronavirus pandemic started.It said it could not provide an outlook for the year given the uncertainty over when closed stores might reopen.Adidas said more than 70% of its
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