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German sportswear manufacturer Adidas said on Thursday that after shop closures due to the coronavirus pandemic, market plummeting had returned to revenue growth on the mainland in May.
Mainland is “the first big market on the road to recovery for the brand,” Adidas said in a statement that April-June revenues are expected to hit about the same amount as their shops have now reopened last year.
Although fewer people were visiting shops, the three-stripe brand said purchasing was a greater proportion of those who came in, although online orders had seen “exceptional” growth.
Nearly all of Adidas’ stores in the Asia-Pacific region and emerging market economies are open again but in Europe the figure is around three-quarters.
Meanwhile, fewer than half of its shops in the Americas are “significantly” open, where many countries, including the US, Brazil , and Mexico, remain virus hotspots.
Despite the brighter picture in some parts of the world compared to a month ago, Adidas clung to its late-April forecast that currency-adjusted sales in the second quarter are likely to fall by more than 40 percent year-on-year.
Because of the pandemic, the group has said it can not offer a full-year outlook.