About: http://data.cimple.eu/news-article/7700b97b01f00ed77c71b2a3a2ed117f1674c84d8daad3aa27bb708d

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About: http://data.cimple.eu/news-article/7700b97b01f00ed77c71b2a3a2ed117f1674c84d8daad3aa27bb708d Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	German sportswear maker Adidas on Monday reported first-quarter profits slashed 95 percent, blaming the collapse in sales inflicted by the coronavirus pandemic. Net profits fell to 31 million euros ($33.6 million), down from 632 million in January-March 2019 and a fraction of forecasts from analysts surveyed by Factset. "Our results for the first quarter speak to the serious challenges that the global outbreak of the coronavirus poses even for healthy companies," chief executive Kasper Rorsted said in a statement. As the virus spread across the world, the group was forced to close stores beginning in vital growth market China. Even as sales there have begun to rebound, closures across much of the rest of the world -- amounting to more than 70 percent of Adidas' total network -- mean the group "is still not able to provide an outlook for the full year 2020". "Both top- and bottom-line declines in the second quarter of 2020 are currently expected to be more pronounced than those recorded in the first quarter," Adidas said, forecasting a slump in currency-adjusted sales of "more than 40 percent" and an operating loss. After its cash reserves shrank by more than 500 million euros in the first quarter, Adidas in April secured an emergency 2.4-billion-euro loan from public investment bank KfW and 600 million from private banks. The group was at the centre of a brief storm of outrage in home country Germany after it said it would halt rent payments for its stores during the coronavirus shutdowns. Faced with public outcry, Adidas backtracked on the policy soon afterwards. jpl/tgb/kih/lc
schema:headline	Virus slashes Adidas profits 95 percent in Q1
schema:mentions	Jet Propulsion Laboratory Clothing Adidas Germany Pandemic Virus China Coronavirus Bpifrance KfW FactSet Forecasting Microsoft Outlook
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-27 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	79 (xsd:integer)

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