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PRIVACY
Retail & Consumer

Adidas º£½ÇÊÓÆµ eyes sales rise past £1bn as post-Covid shift to online aids growth

Adidas said the increase in demand for sports-inspired apparel and footwear is a positive for the industry

Adidas º£½ÇÊÓÆµ is headquartered in Stockport

Turnover is expected to rise past 2020's total of more than £1bn at the º£½ÇÊÓÆµ arm of Adidas because of the post-Covid shift to online sales.

The division, which is headquartered in Stockport, added that the increase in demand for sports-inspired apparel and footwear is a positive for the industry.

The update has been included in newly-filed documents to Companies House for the company's full-year to December 31, 2020.

READ MORE: Senior and long-serving º£½ÇÊÓÆµ Adidas executive leaves US retail giant

The accounts show Adidas º£½ÇÊÓÆµ's turnover fell from £1.1bn to £1.045bn in the 12 months while its pre-tax profits went from £25.6m to £20.4m.

A statement signed off by the board said: "In the first half of 2020, the global sporting goods industry was negatively impacted by lockdown and quarantine measures due to the Covid-19 pandemic.

"Like many other industries this led to a decline in demand for sporting goods, even though the shift toward digital channels partially compensated for the adverse impacts from store closures.