Adidas posts €5.96B revenue in Q3, down 7% YoY

Tuesday, 10. November 2020 07:51

Adidas AG reported on Tuesday that its revenue dropped 7% on an annual basis in the third quarter of fiscal 2020, landing at €5.96 billion.

The company's diluted earnings per share (EPS) from continuing operations stood at €2.8 in the third trimester, marking a 14.2% plunge compared to the same period a year before, while gross profit dipped 10.6% on an annual basis, to land at €2.9 billion. Adidas' operating profit slid 11.6% year-on-year in the three months ended on September 30 to €794 million, while the sports apparel firm's net income attributable to equity holders amounted to €546 million in the third quarter of 2020, declining by 15.5% from the same period a year prior.

"We saw a strong recovery in our business in Q3. Our focus on healthy inventories, profitable sell-through and disciplined sell-in clearly paid off: inventories declined by more than half a billion euros and our full-price share in e-com increased at a double-digit rate. At the same time, we kept costs under control and delivered a profit improvement of more than € 1.1 billion compared to Q2," Adidas CEO Kasper Rorsted commented.

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