Adidas Expects Last 3 Months Sales to Decline Amid Lockdown Returns
German retailer - Adidas expects its sales to decline in the last three months of the year following coronavirus lockdown returns.
The German sportswear giant’s Q3 sales fell 3% to 5.96 billion euros, while operating profit dropped 12% to 794 million euros, with average analyst forecasts having been 5.91 billion and 723 million, respectively. The brand expects a similar level of sales decline in Q4 based on more than 90% of its stores remaining open and client numbers not being hit as much by new lockdowns measures.
"While at the beginning of the quarter we were on track for growth in Q4, a worsening of the pandemic in many regions of the world is again requiring our patience and support," Chief Executive Kasper Rorsted said in a statement.
The news come despite the brand’s forecast of a return to growth in China. Adidas predicted a return to growth in greater China in Q4, even though the year-ago period was strong, and said it expects to see a Q4 operating profit of between 100 million and 200 million euros.
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