Adidas profit plummets 78% in pandemic-hit 2020

FRANKFURT AM MAIN: German sportswear group Adidas said Wednesday its profits dived 78% in 2020 after being pummelled by the coronavirus pandemic, but forecast a sharp rebound ahead. The Bavaria-based company, which is trying to sell its struggling US subsidiary Reebok, reported its net profits fell to 432 million euros ($513 million) last year from 1.97 billion euros in 2019. It also saw sales drop 16% to 19.8 billion euros. But Adidas sought to highlight that sales recovered in most of the world in the fourth quarter of a year in which many of its stores were forced to shut due to Covid-19 re…

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