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adidas: business in China returns to growth

Jun 4, 2020 China
adidas: business in China returns to growth
In Greater China, adidas' first major market on the road to recovery, all stores have been open since mid-April. While store traffic remained below the prior year level in May, sales returned to growth
Throughout the month of May, adidas continued to execute its store reopening plan around the world in line with the decisions taken by local authorities and as of today, around two-thirds of the global adidas store fleet are at least partially open.

In Greater China all own- and partner-operated stores have been open since mid-April. According to adidas, store traffic remained below the prior year level in May, but the traffic shortfall was more than offset by an increase in conversion rates and the exceptional growth in the company’s e-commerce business. As a result, overall revenue growth in Greater China turned positive for the month of May. Following the earlier-than-expected return to growth, adidas now expects Greater China sales for the second quarter to be around the prior year-level.

Almost all own stores in other markets within Asia-Pacific as well as in Emerging Markets have resumed operations. In Europe, three-quarters of the company’s stores have reopened as of today, albeit with the majority operating at reduced hours. While around half of the stores in Russia/CIS have also resumed operations, the opening rates in North America and Latin America are still significantly below 50%.

Image credits: blog.dtlr.com

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