The company has recorded a strong sequential revenue improvement in the third quarter as more than 90 per cent of the company’s own retail stores were operations.
Adidas has reported that footfall in stores continues to improve but remains significantly below prior year level. The company’s overall direct-to-consumer business grew by 13 per cent and the wholesale business improved sharply yet remained below the prior year level. In total, third quarter revenues decreased 3 per cent in currency-neutral terms.
Chief Executive Officer Kasper Rorsted, commented: “We saw a strong recovery in our business in Q3. Our focus on healthy inventories, profitable sell-through and disciplined sell-in clearly paid off: inventories declined by more than half a billion euros and our full-price share in e-com increased at a double-digit rate. At the same time, we kept costs under control and delivered a profit improvement of more than €1.1bn compared to Q2. Our teams around the globe drove this improvement with dedication and passion. As the coronavirus pandemic is unfortunately far from being over, it remains our top priority to keep everyone healthy and safe.”
The company remains cautious for the rest of the year as Coronavirus continues to loom.
