Adidas' China business activity falls 85% due to coronavirus

Adidas' China business activity falls 85% due to coronavirus

FILE PHOTO: Adidas' 70th anniversary in Herzogenaurach

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BERLIN (Reuters) - German sportswear maker Adidas said on Wednesday that business in the Greater China area had dropped by about 85% year-on-year as the coronavirus outbreak has resulted in store closures and fewer customers visiting the remaining outlets.

It said that drop had come in the period since Chinese New Year on January 25.

Adidas said it had seen lower traffic, mainly in Japan and South Korea, but added that it had not yet registered any major business impact beyond Greater China.

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"As the situation keeps evolving on a daily basis, the magnitude of the overall impact on our business for the full-year 2020 cannot be quantified reliably at this point in time," it said.

(Reporting by Thomas Seythal and Emma Thomasson; Editing by Michelle Martin)

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