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Adidas posts Q2 FY20 sales of €3,579 mn

Aug '20
Pic: Adidas/ Reebok
Pic: Adidas/ Reebok
Adidas, a designer and manufacturer of shoes, clothing and accessories, reported 35 per cent sales decline to €3,579 millions in its second quarter (Q2) fiscal 2020 ended on June 30, 2020 compared to sales of €5,509 million in same period last year. Company incurred a net loss of €317 million compared to net income of €532 million in Q2 FY19.
Gross profit for the quarter fell 38 per cent to €1,826 million (Q2 FY19: €2,945 million). Company’s operating loss was €333 million (€643 million). 
“The past quarter brought unprecedented challenges for our business as large parts of the world were in lockdown. We addressed the challenges and went after opportunities, as reflected in our e-com business nearly doubling in Q2,” Kasper Rorsted, Adidas CEO, said in a press release.
Adidas experienced exceptional growth in online sales during the quarter, which accounted for more than one-third of its total business, through its own as well as partners’ e-commerce platforms. Sales through the company’s own e-commerce channel increased 93 per cent during the quarter.
While sales at brand Adidas declined 33 per cent in the second quarter, Reebok revenues were down 42 per cent, reflecting the brand’s higher exposure to the US market.
“We are now seeing the light at the end of the tunnel as the normalisation in the physical business continues, with the vast majority of our stores being operational again,” Rorsted said.

Fibre2Fashion News Desk (JL)

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