Adidas warned of an even deeper hit to second-quarter sales and profits from coronavirus lockdowns after the German sportswear firm reported worse-than-expected first-quarter results and said it had not yet seen a full rebound in China. Adidas said that 60% of its business was currently at a standstill, with more than 70% of its stores closed worldwide. 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.
