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Adidas profit plunges nearly 100% in the first quarter


The company said over 70% of its stores were currently closed worldwide

Stocks impacted: Adidas (ADSGn)

The German sportswear firm said its net profit was 31 million euros ($33.5 million) in the first quarter, down 95% from EUR632 million a year earlier. Sales fell about 19% to EUR4.75 billion due to numerous lockdowns amid the coronavirus pandemic. Its operating profit fell 93% to 65 million euros, also missing forecasts. Adidas said it is not able to provide an outlook for the full year due to the uncertainties around how long its stores would stay closed. Moreover, the company warned that its second quarter will be even more affected by the coronavirus. Earlier this month, Adidas, received approval for a 2.4-billion-euro government-backed loan. The company’s stocks fell nearly 2.5% after the report.

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