German sportswear retailer adidas has witnessed its net sales drop below €20 billion for the first time since 2016.
As per the data of Safe Betting Sites USA, the retailer’s 2020 net sales fell by 16 per cent to clock just €19.8 billion. In 2019 it was €23.6 billion.
The numbers weren’t surprising considering the havoc created by the pandemic all through 2020.
The 16 per cent fall in net sales in turn caused the net income of the retailer fall by a whopping 65 per cent in 2020 to record just €674 million. It was €1.9 billion in 2019.
While adidas’ apparel category slumped by 14.2 per cent in 2020 after posting €7.7 billion net sales, the footwear section was worst hit after falling by 17.7 per cent in 2020 to clock just €11.1 billion.
Notably, adidas produced only 379 million pair of shoes in 2020 – its lowest figures since 2020.
Founded and headquartered in Herzogenaurach, Germany, adidas designs and manufactures shoes, apparels and accessories. It is the second largest sportswear manufacturer in the world after Nike.
