March 11, 2020 / 6:34 AM / a month ago

Adidas warns of big coronavirus hit to China sales

BERLIN, March 11 (Reuters) - German sportswear makers Adidas expects to lose up to 1 billion euros of sales in the first quarter in greater China due to the coronavirus and while business is picking up again there it is now being hit in Japan and South Korea.

Adidas forecast currency-neutral sales to increase between 6% and 8% for the full year and for its operating margin to rise between 10.5% and 11.8%, but said the outlook did not include any impact from the coronavirus outbreak.

Fourth-quarter sales rose a currency-adjusted 10% to 5.84 billion euros, while operating profit came in at 245 million euros, both shy of analysts’ mean forecasts for 5.88 billion euros and 288 million euros respectively. (Reporting by Emma Thomasson; editing by Thomas Seythal)

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