Adidas CEO Kasper Rorsted said the coronavirus outbreak has dealt “a painful setback” for the company’s business, as it expects to take a sales hit and is already seeing traffic declines at some of its shops.
“In the sporting goods industry, you are really at the end of the food chain,” Rorsted told CNBC’s Sara Eisen Wednesday morning.
Before consumers get back to buying sporting goods, they will be stocking up on food and other daily necessities, to prepare for the virus, he said. “That is what we are seeing so far in the first quarter.”
