The first quarter of Adidas AG forecast in China will fall by 800 million euros to 1 billion euros ( $ 908 million to $ 1.1 billion) effect of coronavirus, said that business is slowing in Japan and South Korea.  Also, the strip 400 million euros to 500 million euros from profit.
Without considering the effects of Covid-19, Adidas projected currency-neutral sales will grow 6 per cent to 8 per cent this year. From January 25 the sale in China below 80 per cent through the end of February, but that since then stores and warehouse have gradually reopened and consumer traffic is slowly picking up. Investors will either appreciate Adidas’s honesty or dislike its vagueness. Because the effect of the virus’s spread across the world is hard to predict and the availability of raw materials is unclear, Adidas refrained from estimating the coronavirus’s overall impact.
Adidas remains one the world’s strongest brand and its share price should recover quickly once the coronavirus situation subsides, Cristina Fernandez of Telsey Advisory Group, said in a recent note. The Herzogenaurach-based company’s stock has dropped 24 per cent this year.
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