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. 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. Adidas shares were down 1.2% in early trade and have fallen more than a third since the coronavirus pandemic started.
