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rdf:type	schema:NewsArticle
schema:articleBody	German sports manufacturer Adidas said Tuesday that sales and profitability recovered in the third quarter as shops reopened, alongside booming e-commerce sales, with a modest profit expected in the final quarter. Adidas reported net profit of 546 million euros ($646 million) for the three months to September, down 15.5 percent from 646 million euros in the same period of the previous year. But this followed a damaging second quarter for the company, when it posted a 295 million euro loss on sales of 3.6 billion euros. Third-quarter revenues fell 7.0 percent year-on-year to 6.0 billion euros, but beat expectations according to a survey by financial services provider FactSet, with e-commerce sales up 51 percent. "We saw a strong recovery in our business in the third quarter", chief executive Kasper Rorsted said in a statement, but "a worsening of the pandemic in many regions of the world is again requiring our patience and support." The Bavaria-based company predicts its top line to "develop similarly in the fourth quarter as it did in the third," with operating profit to be between 100 million and 200 million euros. The outlook, however, "assumes no addition major lockdowns", and a store opening rate above 90 percent. Adidas said 93 percent of stores were open, down from 96 percent at the end of September. Major European markets including France and Britain have taken steps to shut stores to curb a second spike in coronavirus cases. At its most severe point in the spring, the pandemic closed 70 percent of Adidas stores worldwide. "We are now well-prepared to cope with these short-term uncertainties" Rorsted said, with the company "better positioned to benefit from the long-term industry growth drivers accelerated by the pandemic such as health and wellbeing, athleisure and digitization". In the third quarter, traffic in stores continued to improve yet remained "significantly below prior year levels", the company said. Sales at the Adidas brand fell 2.0 percent while at Reebok sales declined 7.0 percent, reflecting its dependence on the US market. In China, sales fell 5.0 percent compared with the second quarter after "initial pent-up demand faded", the company said, but it expects business to return to growth in the final quarter. The Asian giant boosted second-quarter revenues after the country reopened earlier this year while much of Europe and the US was still under lockdown. edf/bmm
schema:headline	Adidas reports Q3 virus rebound
schema:mentions	Substance dependence Financial services E-commerce Adidas Asia Lockdown European Union Pandemic France Virus China Coronavirus Athleisure Reebok European Development Fund The Outlook (New York City)
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-11-10 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	67 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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