Adidas sees $1.1 billion coronavirus hit to China sales, Puma warns on profit

) warned on Wednesday of a major decline in sales in China due to the coronavirus and said while there were early signs of improvement there the impact had spread to other markets.

Chief Executive Kasper Rorsted, noting that the higher-margin China business is usually a major contributor to profits, told analysts that group operating profit will fall by more than 500 million euros in the same period, Puma said it no longer expected its business would return to normal soon, despite encouraging signs coming out of China, adding it was abandoning the 2020 guidance it gave on Feb. 19 that had assumed the crisis would be short-lived.

While the Olympics is not usually a major driver of sales for the sporting goods industry, Euro 2020 is more important for sales of replica jerseys and balls. But both companies noted a deterioration in markets such as Japan and South Korea, where Chinese tourists often travel to shop, and in Europe. Adidas CEO Kasper Rorsted attends the celebrations for German sports apparel maker Adidas' 70th anniversary at the company's headquarters in Herzogenaurach, Germany, August 9, 2019. REUTERS/Andreas Gebert

cheers for the constant news👍

I have been trying hard to help them stay afloat!

Wahan virus alive and well in chinese sweaty sneakers

Awe. Cutting into that slave labor profit.

Online sales.

pjhubert23 follow

Now do Nike.

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