Adidas to Close Stores in China Due to Coronavirus

Date : 02/05/2020 @ 12:04PM
Source : Dow Jones News
Stock : Nike Inc (NKE)
Quote : 83.56  4.7 (5.96%) @ 8:12PM

Adidas to Close Stores in China Due to Coronavirus

Nike (NYSE:NKE)
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   By Ulrike Dauer 
 

FRANKFURT--German sporting goods maker Adidas AG (ADS.XE) is closing a substantial number of its stores in China due to the coronavirus epidemic.

"We are implementing the applicable local guidelines of Chinese authorities, which includes the closure of a significant number of our own businesses in the country," a spokeswoman said.

Adidas operates about 500 of its own stores in China. Including franchise stores, there are about 12,000 Adidas stores in the country. Many franchise stores are also closing due to the virus, the spokeswoman said.

"We are currently experiencing a negative impact on our business in China," she said, but "at this stage it is too early to assess the extent of the impact."

In 2018, Adidas had revenue of 4.5 billion euros ($4.97 billion) in China, roughly 20% of its group revenue.

On Tuesday, Nike Inc. (NKE) also said it would shut down stores in China in response to the virus and warned that its financial results would be affected.

Nike didn't specify the financial impact but said it had closed down about half of Nike-owned stores "with corresponding dynamics across our partner stores."

 

Write to Ulrike Dauer at ulrike.dauer@wsj.com

 

(END) Dow Jones Newswires

February 05, 2020 06:49 ET (11:49 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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