The financial fallout from the COVID-19 pandemic is proving to be equally severe to the health crisis. adidas seems to have been hit particularly hard. Shop-Eat-Surf is reporting that the German footwear giant experienced a 93% decline in operating profit at the end of Q1. Income was down 97%. Those grim numbers are punctuated by the brand’s forecast of an even worse Q2. We’ve already seen some repercussions from the impact of these crippling sales numbers over the past couple of months. Expect more over the remainder of 2020.
We’ll continue to update as this story unfolds.