Adidas posts fall in Q3 revenue and profit, reveals cautious outlook

Adidas said that the company recorded a strong sequential revenue improvement in the third quarter as more than 90 percent of the company’s own-retail stores were operational, most of which had been closed for several weeks during the second quarter. The company’s overall direct-to-consumer business grew 13 percent in currency-neutral terms and the wholesale business also improved sharply yet remained below the prior year level, while e-commerce channel grew at a currency-neutral rate of 51 percent. In total, third quarter revenues decreased 3 percent in currency-neutral or 7 percent in euro terms to 5.964 billion euros. The company added that brand Adidas sales declined 2 percent, while Reebok revenues were down 7 percent.