By Matthew Roscoe • 10 November 2020 • 11:41
GERMAN sportswear firm Adidas are cautious for their year-end as pandemic lockdowns return to affect sales.
The company has announced that they expect sales to decline in the last three months of the year despite forecasting a return to growth in China, as coronavirus lockdowns return.
With the retail industry struggling, especially for those on the high-street, Adidas is expecting a decline in the fourth quarter despite more than 90% of its stores staying open during heavy new lockdowns across Europe.
“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.
Adidas forecasts a return to growth in greater China in the fourth quarter, even though the year-ago period was strong, and said it expects a fourth-quarter operating profit of between €100 million and €200 million.
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Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
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