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Adidas shares tank after coronavirus warning

Video Credit: Reuters Studio - Duration: 00:51s - Published
Adidas shares tank after coronavirus warning

Adidas shares tank after coronavirus warning

Adidas shares tumbled Wednesday after it warned of a $1bln hit from the coronavirus.

Julian Satterthwaite reports.

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Adidas shares tank after coronavirus warning

Adidas would prefer to be associated with health and fitness.

But Wednesday (March 11) saw it become the latest firm to catch coronavirus blues.

The German sportswear giant says sales in China could fall by more than one billion dollars due to the epidemic.

And while it says there are signs of improvement there, it also warned that the impact was spreading to other markets.

Rival Puma is suffering too.

On Wednesday it scrapped a financial outlook given less than a month ago.

Back then it assumed the crisis would be short lived - an assumption it's now dropped.

Asia is critical for both brands.

They make almost a third of their sales there, and depend on it for production.

By early afternoon Wednesday Adidas shares were down over 9%.

Puma was off about 3%.




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