June 4, 2020 / 5:44 AM / a month ago

BRIEF-Adidas Says Business In Greater China Returns To Growth In May

June 4 (Reuters) - Adidas AG:

* ADIDAS BUSINESS IN GREATER CHINA RETURNS TO GROWTH IN MAY

* AROUND TWO-THIRDS OF THE GLOBAL STORE FLEET ARE AT LEAST PARTIALLY OPEN AS OF TODAY

* TRAFFIC REMAINED BELOW THE PRIOR YEAR LEVEL IN MAY BUT TRAFFIC SHORTFALL WAS MORE THAN OFFSET BY AN INCREASE IN CONVERSION RATES AND THE EXCEPTIONAL GROWTH IN THE COMPANY’S E-COMMERCE BUSINESS

* OVERALL REVENUE GROWTH IN GREATER CHINA TURNED POSITIVE FOR THE MONTH OF MAY

* FOLLOWING THE EARLIER-THAN-EXPECTED RETURN TO GROWTH, ADIDAS NOW EXPECTS GREATER CHINA SALES FOR THE SECOND QUARTER TO BE AROUND THE PRIOR YEAR-LEVEL

* IN EUROPE, THREE-QUARTERS OF THE COMPANY’S STORES HAVE REOPENED AS OF TODAY, ALBEIT WITH THE MAJORITY OPERATING AT REDUCED HOURS

* WHILE AROUND HALF OF THE STORES IN RUSSIA/CIS HAVE ALSO RESUMED OPERATIONS, THE OPENING RATES IN NORTH AMERICA AND LATIN AMERICA ARE STILL SIGNIFICANTLY BELOW 50%

* AS IN TOTAL THOSE DEVELOPMENTS ARE LARGELY CONSISTENT WITH THE COMPANY’S PREVIOUS ASSUMPTIONS, ADIDAS DOES NOT PROJECT A SIGNIFICANT DEVIATION FROM THE SECOND QUARTER TOP- AND BOTTOM-LINE GUIDANCE AS PROVIDED ON APRIL 27, 2020 Source text: [tinyurl.com/y9wfqyhs] Further company coverage: (Reporting by Berlin Speed Desk)

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