Adidas Closes 'Considerable' Number of Stores in China Due t
Posted: Wed Feb 05, 2020 9:22 am
FILE - The Adidas logo is pictured during celebrations for German sports apparel maker Adidas' 70th anniversary at the company's headquarters in Herzogenaurach, Germany, August 9, 2019.
BERLIN - German sportswear company Adidas on Wednesday said it was temporarily shutting a “considerable” number of its stores in China due to the coronavirus outbreak which has killed nearly 500 people and infected thousands.
The company said the fast-spreading virus was having a negative impact on its business but added that it could not yet assess to what extent.
Adidas has around 12,000 outlets in China, including franchise stores.
Adidas saw sales growth slow to 11% in China in the July-September period from 14% in the second quarter.
Several retailers have warned that coronavirus is taking its toll, including Nike Inc and Hugo Boss, which have both closed some stores in China.
Adidas’s German rival Puma on Wednesday declined to comment on whether coronavirus has hit its business in China.