Adidas and Puma profits battered by coronavirus

ADIDAS LDN FLAGSHIP STORE - MAKER LAB

Sportswear giants Adidas and Puma have suffered a drop in sales in China as a result of coronavirus and warned the disruption would impact other markets.

Adidas warned that sales in the first quarter of its financial year would slump as much as €1bn (£870m) in Greater China alone, and around €100m in Japan and South Korea.

Adidas, which makes around a third of its sales in Asia and relies heavily on factories in the continent, said the collapse in revenue would wipe between €400m and €500m from its operating profit.

Meanwhile, rival Puma was forced to scrap its financial guidance after admitting it could not “quantify the negative effect” of the virus on sales and profitability.

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