Covid-19 / adidas: Q1 2020 revenue of €4.75bn, representing a 19.2% drop in sales

adidas Group (adidas and Reebok brands) posted a turnover of €4.753bn in the first quarter of 2020 (Jan-Feb-March), a result down 19.2% compared to Q1 2019 (€5.883bn), announced the German equipment supplier on 27/04/2020. "The Covid-19 pandemic weighs on the results of the first quarter," said adidas, as 70% of stores (owned or franchised) remain closed at this date.

Faced with the crisis and containment, the Asian market experienced a 44% drop in turnover, representing total sales of €1.184bn versus €2.139bn the previous year, of which -58% in China (-€800m). In Europe, adidas Group saw its sales fall by 8% to €1.426bn, while in North America, revenues increased by 0.8% for Q1 2020 (€1.2bn).

"Continued strong currency-neutral growth of 35% in e-commerce - the only channel that has remained fully operational in most parts of the world - could only partially offset the material revenue decline in the physical channels," said adidas Group, while e-commerce sales rose 55% in March 2020.

adidas Group: first quarter 2020 results