Adidas reports Q1 revenue fall of 19% to €4.75B

Monday, 27. April 2020 07:38

Adidas AG revealed on Monday that its revenues stood at €4.75 billion in the first quarter of fiscal 2020, representing a decrease of 19.2% compared to the same time span a year ago.

The company's diluted earnings per share (EPS) from continuing operations stood at €0.13 in the first three-month period, plummeting 96% from the corresponding period in 2019, while gross profit lost 25.6% in the opening quarter of 2020 on an annual basis, landing at €2.3 billion. Operating profit plunged 92.6% year-on-year in the three months ending with March 31, 2020 to €65 million. Net income attributable to equity holders amounted to €31 million in the first trimester of 2020, declining by 95.1% from the same period a year ago.

"Our results for the first quarter speak to the serious challenges that the global outbreak of the coronavirus poses even for healthy companies," CEO Kasper Rorsted said in a press release. "While we prepare for the return to a more normalized state of the business, we also remain realistic: Over 70% of our stores worldwide are currently closed," he added.

Related Links: adidas AG
Baha Breaking News (BBN) / MS