Adidas: profits drop 78% to 432 million in 2020

The profits of the German sportswear giant Adidas sank 78% to 432 million euros in the past year, due to effects of the pandemic. In 2019 the budget closed with a profit of 1.97 billion euros. For 2021, the group expects a strong rebound. In 2020, the group’s sales fell by 16% to € 19.8 billion, while those of the Adidas brand fell by 13%.

In the fourth quarter, Adidas announces that many of its stores, closed in 2020 due to lockdowns, are reopening. The exception is Europe where half of the shops are still closed. Adidas intends to sell the US brand Reebock, whose sales in 2020 fell by 16%.

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