BERLIN (Reuters) – Adidas (ADSGn.DE) warned of an even bigger hit to second-quarter sales and profits from coronavirus lockdowns, after the German sportswear firm reported first-quarter earnings were almost wiped out and said it had not yet seen a full rebound in China. Adidas said 60% of its business was currently at a standstill, with more than 70% of its stores closed worldwide and all big sporting events – including the Tokyo Olympics and Euro soccer tournament – postponed or cancelled. E-commerce sales, which last year represented 13% of the total, are growing fast, particularly in China, but are not enough to compensate for the loss of in-store sales. As shops reopen in China, customers have been returning but they have not been buying as much as before the crisis, Chief Executive Kasper Rorsted told journalists, adding he only expects a full recovery there by the end of the second quarter. “We’re not going to see an imminent return to what we had before,” he said. “We are taking all the learnings from China and building that into a recovery for the rest.” One bright spot is that the pandemic is increasing interest in fitness and health, Rorsted said, noting… Read full this story
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