Adidas Announces Closure Of Stores In North America And Europe

Adidas announced the closure of its stores in North America and Europe.

After Nike, Adidas also announced plans to temporarily close the stores in Europe and the United States.

In March 17th, according to Reuters, Adidas, the German sports giant, announced that it would temporarily close all the direct outlets in Europe and North America. According to the plan, European stores will be closed in from March 18th to 29th, and stores in the United States and Canada will be closed in from March 17th to 29th.

The company said: "in Adidas, we put the health of employees, customers and partners in the first place" and said that the affected employees will receive corresponding working hours compensation.

Not only Adidas, Nike, Lululemon, Under Armour three sports companies announced last Sunday that they will close stores in the US and some other markets. Under the influence of the new crown pneumonia epidemic, according to incomplete statistics from commercial media Business Insider, more than 30 retailers have announced the suspension of business in the United States, including clothing brand Levi's, Madewell, UNIQLO, Calvin Klein, etc.

In March 11th, Adidas disclosed its 2019 annual earnings report. Its annual revenue reached 23 billion 640 million euros, an increase of 8% over the 2018 fiscal year, and the annual net profit increased by 12% to 1 billion 918 million euros.

Adidas announced the impact of the new crown pneumonia epidemic on the Chinese market for the first time in its earnings report. According to the introduction, since the Spring Festival of January 25th to the end of February in January 25th, the income of Adidas in Greater China has decreased by about 80% compared with the same period last year. In the first quarter of fiscal year 2020, sales in the Greater China market will be reduced by 800 million to 1 billion euros, and operating profits will be reduced by 400 million to 500 million euros. However, Adidas said it was unable to accurately assess and quantify the impact of the epidemic on the company's 2020 annual performance.