Adidas+0.11%
Adidas Q2 revenue falls 35% YoY to €3.58B
Adidas AG reported on Thursday its second quarter revenue dropped 35% per annum to €3.58 billion. Cost of sales was 32% lower in the same period at €1.75 billion. Company operations posted a loss of €333 million, down from a gain €618 million. Net income also fell into the negative territory to €306 million or €1.45 per share.
During the three month period, sales of the Adidas' flagship brand sales were down 33%, while Reebok posted a 42% drop. Almost all stores except those in the Asia-Pacific region were closed, with sales decreasing more than 60% in Latin America and Emerging Markets, while European and North America experienced a fall of around 40%. Sales through the company's own sales channel surged 93%.
"The past quarter brought unprecedented challenges for our business as large parts of the world were in lockdown. I'm grateful for the relentless and agile efforts of our teams, which enabled us to take the right actions for our consumers, our partners and the company. We addressed the challenges and went after opportunities, as reflected in our e-com business nearly doubling in Q2," chief executive Kasper Rorsted said.