Adidas projects a 40% fall in sales for the second quarter

Adidas has predicted that its sales will decline by 40 percent in the second quarter, as the impact of the coronavirus takes hold.

The German sportswear giant on Monday reported a 19 percent decline in net sales for the first quarter from the year before to 4.75 billion euros ($5.16 billion), as 70 percent of its stores worldwide closed as a result of the Covid-19 pandemic.

Its first-quarter net income was 26 million euros, down 96% from the same period last year, and Adidas said that owing to uncertainty over the duration of store closures, it would be unable to offer a full-year outlook at present.