Reviews sporting goods manufacturer: Adidas recovers in the third quarter - burden from new shutdown

12:55  10 november  2020
12:55  10 november  2020 Source:   handelsblatt.com

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The logo of the sports goods manufacturer ' adidas ' is pictured in Berlin, Germany, Monday, May 6 But it warned that a shutdown of more than half of its stores in China could hit first quarter sales and Speth said: “We are safe for this week and we are safe for next week and in the third week we

(PRNewsfoto/DICK'S Sporting Goods , Inc.) A conference call to discuss the results will be held that A new DraftKings analyst is bullish on the potential for a larger legal sports betting market in the The famous performance and luxury car company has performed well this year, recovering quickly from

The Dax group has less sales than before the corona crisis, but is making profit again. The recovery is now being slowed down by new store closings.

Die Sportmarke verzeichnete im dritten Quartal ein deutlich besseres Geschäft als im Frühjahr. © Reuters The sports brand recorded significantly better business in the third quarter than in the spring.

After an upward trend in the third quarter, the Dax group Adidas is preparing for further burdens from the measures in the corona crisis. Especially in Europe, fewer customers have come to the stores since the governments introduced new restrictions on public life, warned Adidas on Tuesday as part of the presentation of the current annual report.

Some of the sports company's stores have now had to close again. At the end of September, 96 percent of all stores were still open, now it is only 93 percent. "While we were initially back on a growth path at the beginning of the fourth quarter, the current worsening of the pandemic in many regions of the world requires our patience and support again," said CEO Kasper Rorsted .

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Adidas told its employees on Monday it would not yet close U.S. stores because of coronavirus. Kasper Rorsted, chairman of German sporting goods maker Adidas , speaks during his company's annual press The highlight in the quarter was a faster than anticipated rebound in margins.

Company unveils new factory in Germany that will use machines to make shoes instead of humans in Asia.

Adidas seemed to be on the right track. Sales in the third quarter were just seven percent below the previous year at just under six billion euros. At constant exchange rates, the minus was three percent. In the previous quarter, sales had slumped by more than a third.

In addition, the group listed in the Dax earns money again. Between July and the end of September, Adidas generated a profit of 578 million euros. That is almost eleven percent less than in the same period in 2019. In the second quarter, however, the bottom line was a loss of 300 million.

“Our business recovered very well in the third quarter,” said Rorsted. The focus on a healthy inventory level, profitable sell-through and disciplined deliveries to partners have paid off. Inventories have fallen by more than half a billion euros, and the share of sales in e-commerce at full price has increased in double digits.

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Shares of Dick's Sporting Goods jump after the sporting - goods retailer reports quarterly earnings that top analysts' estimates, and raises its full-year outlook. BofA retail analysts cited fewer headwinds in the hunting category, shipments from Nike and Adidas of popular footwear styles like

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At the same time, the operating result increased by more than 1.1 billion euros compared to the previous quarter. That is the result of strict cost discipline. Adidas has thus met its forecast from the summer, but fared worse than local rivals Puma. The brand with the predator logo grew strongly in the third quarter.

EM sales fail

Anyway: The phase of greatest uncertainty seems to be over. At the beginning of the corona crisis, Rorsted had secured loans of over three billion euros in order to survive a longer lull. 2.4 billion of these came from the state-owned development bank KfW .

claimed that Adidas took half a billion euros of this in July, the company announced. It has now been repaid including interest. The group redeemed the entire credit line in October. Instead, the company obtained loans from private banks and through bonds.

For the fourth quarter, Rorsted expects a currency-adjusted sales decrease of up to five percent. The basis of comparison is strong because Adidas brought many products for the European Football Championship and for the Chinese New Year in stores at the end of last year. The European Championship was ultimately canceled, whether it will take place next year is open. In China, however, Rorsted expects growth.

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specialty retail or sporting goods industry in particular including the potential impact of natural disasters or national and international security Dick’s Sporting Goods , Inc. (referred to as the “Company” or “Dick’s” or in the first person notations “we”, “us”, and “our” unless specified otherwise)

The Dane also promises an operating profit of between 100 and 200 million euros. But that only applies if more than 90 percent of the shops stay open - and customers shop as usual.

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