Topline: Germany’s sportswear giants Adidas and Puma have warned that China’s coronavirus outbreak will severely impact sales while one of Europe’s largest carmakers has resorted to flying parts in suitcases to keep its supply chain running.
- Adidas announced that its sales in China were down 85% on the same period last year, with the fall starting after it closed its stores for the Lunar new year on January 25. Many stores remain closed.
- Rival Puma on Wednesday beat its 2019 earnings guidance. But it warned that a shutdown of more than half of its stores in China could hit first quarter sales and profits.